Business
Pre-close Trading Update and Acquisition
Pre-close Trading Update and Acquisition.
About this update from Porvair Plc
[{"type":"text","content":"\n \nRNS Number : 7434Y Porvair PLC 08 December 2017 \n\nFor immediate release 8 December 2017\n \n \nPorvair PLC\n \nPre-close trading update and acquisition\n \nPorvair plc (\"Porvair\", \"the Group\" or \"the Company\"), the specialist filtration and environmental technologies group, announces the following trading update and acquisition ahead of its close period for the year ended 30 November 2017.\nTrading update\nRevenue growth for the year ended 30 November 2017 was 6%. Underlying revenue(1) growth was 11% overall, with underlying revenue growth of 13% in the Microfiltration division and 1% in the Metals Filtration division. Earnings for the year are forecast to be ahead of management's expectations.\nNet cash at the 30 November 2017 was £9.7 million (2016: £13.6 million), after capital and acquisition expenditure of approximately £11 million. Group order books for the start of the 2018 financial year are healthy. \nNew divisional structure\nRecognising the Group's growth in recent years, and as noted in the 2017 interim report, the Board will change the Group's management and reporting structure in 2018 to one that offers better management and market focus and greater investor clarity. The 2017 Report and Accounts will use the current two division structure, but will include proforma information for the new three new divisions, which will serve distinct markets: Aerospace & Industrial; Laboratory; and Molten Metals. \nAcquisition\nThe new Laboratory division, which will focus on filtration and sample preparation products, acquired Rohasys B.V., a Dutch company, on 7 December 2017. This small acquisition brings robotic sample handling expertise to the division, which will enhance the Group's growing bioscience sample preparation capabilities. \nDate of preliminary a...