In a trading update, the filtration company said it expected to not only achieve its sales and profit targets but to exceed its cash generation expectations. Net debt is anticipated to be better than expectations and to have reduced by over £2 million in the year to less than £14.5 million.
Porvair’s Microfiltration division, which serves the aviation, energy, clean water and industrial markets, has continued to trade as expected. Seal Analytical, which was acquired last year, has had a good first full year in the group, generating improved profits. Porvair says that the Microfiltration division has a good near term pipeline of orders.
Following a major restructure in the second quarter, Selee Corp, the largest part of Porvair’s Metals Filtration division, has returned to modest profitability and generated cash. In the final quarter of the year sales per day have improved, with aluminium filter demand benefiting from the 80% of current customers who have now switched to a new proprietary filter developed by Selee.
Porvair will release its preliminary results for the year ended 30 November 2009 on 26 January 2010.