Porvair announces 15 per cent revenue growth
Porvair has announced revenue growth of 15 per cent in a a trading update for the nine months ended 31 August 2019.
The specialist filtration and environmental technologies group says order books are healthy with order intake strong in the third quarter, notably in Aerospace & Industrial.
Constant currency revenue was 11 per cent ahead of the prior nine month period. Profit before tax was in line with management's expectations.
At 31 August 2019 the Group had £0.1 million of net cash (31 August 2018: borrowings of £2 million) after investing £6.2 million in acquisitions and capital expenditure in the nine month period. In the third quarter of 2019 the Group made its final earnout payment of £2.4 million for the acquisition of JG Finneran. Additionally, Dahlman Industrial Group B.V. was acquired on 4 September for €7.75 million in cash.
Porvair Group businesses design and manufacture a range of bespoke consumable filtration products that are used in a range of niche filtration markets.
The group operates in three divisions: Aerospace & Industrial; Laboratory; and Metal Melt Quality.