Porvair : Nine months trading update

For immediate release 18 September 2019

Porvair plc

('Porvair' or the 'Group')

Nine months trading update

Porvair, the specialist filtration and environmental technologies group, today issues a trading update for the nine months ended 31 August 2019.

Porvair has continued to make good progress in the nine month period, achieving revenue growth of 15%. Constant currency revenue⁽¹⁾ was 11% ahead of the prior nine month period. Profit before tax was in line with management's expectations.

Order books are healthy with order intake strong in the third quarter, notably in Aerospace & Industrial.

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.

Note (1) Constant currency revenue: Revenue arising if overseas subsidiaries results had been translated at constant exchange rates in 2018 and 2019

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Notes to Editors

Porvair is a group of specialist filtration and environmental technology businesses. Its businesses design and manufacture a range of bespoke consumable filtration products that are used in a range of niche filtration markets. It operates in three divisions: Aerospace & Industrial; Laboratory; and Metal Melt Quality.