Business
Trading Update & Acquisition
Trading Update & Acquisition.
About this update from Porvair Plc
[{"type":"text","content":"\n\nFOR RELEASE on 5 December at 07.00 a.m.\n 5 December 2023\n \n\nPorvair plc (\"Porvair\" or the \"Group\")\n \nTrading update for the year ended 30 November 2023 and acquisition\n \nPre-close trading update\nThe Group expects to deliver earnings ahead of market expectations with higher margin on revenues likely to be similar to those of 2022. Stronger demand in aerospace, petrochemical and water markets has been offset by de-stocking in laboratory and industrial consumable markets.\nNet cash at 30 November 2023 was approximately £14 million.\n\nAcquisition of European Filter Corporation NV ('EFC')\nOn 4 December 2023 the Group acquired 100% of the share capital of EFC, a filtration business based in Lummen, Belgium. EFC has expertise in the manufacture of mist elimination filters used in the production of industrial feedstocks and well established industrial filtration sales channels in north east Europe.\n \nRevenues for EFC in 2023 are expected to be around €10.5 million. It is expected to be earnings enhancing in its first year. Following this acquisition, the Group enters the 2024 financial year with a modest cash surplus.\n\nEFC will join the Group's Aerospace & Industrial division, bringing complementary products and engineering as well as strengthening European routes to market.\n\nNotice of results\nPorvair will announce its results for the year ended 30 November 2023 on Monday 5 February 2024.\n\n \nFor further information, please contact:\n \n\n\n\n\nPorvair plc\n\n\n01553 765 500\n\n\n\n\nBen Stocks, Group Chief Executive\nJames Mills, Group Finance Director\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBuchanan Communications\n\n\n0207 466 5000\n\n\n\n\nCharles Ryland / Stephanie Whitmore\n\n\n\n\n\n\n\n \nNotes to Editors\nPorvair is a group of specialist filtration, laboratory and environmental tech...