StockMarketWire.com - Porvair trades well in the nine months to Aug. 31 with underlying revenues up 9% on the year. However, there would not be a recurrence in 2015 of the unusually high revenues recognised from several large projects in 2014.

Total revenues are therefore 9% lower than the prior year. Profit before tax is in line with management's expectation. Underlying revenues in the Microfiltration division were 13% ahead of the prior period. Progress towards commissioning of the large projects (gasification projects for POSCO, Reliance and CNOOC and a UK nuclear remediation contract) continued as anticipated.

The Metals Filtration division traded in line with management's expectations, 1% ahead of the prior period (in constant currency: 7% below the prior period). Order books for the final quarter are satisfactory.

New plants in the UK and USA opened in the first half. The expansion of the China facility is on schedule and to budget. A new facility in Ashland, VA, has been leased and is expected to be occupied by around the end of the first quarter 2016.

At 31 August 2015, the Group had a net cash of £9m (31 August 2014: net debt of £0.3m).





Story provided by StockMarketWire.com