Trading Update & Acquisition
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Pre-close trading update
The 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.
Net cash at 30 November 2023 was approximately £14 million.
Acquisition of European Filter Corporation NV ('EFC')
On 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.
Revenues 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.
EFC will join the Group's Aerospace & Industrial division, bringing complementary products and engineering as well as strengthening European routes to market.
Notice of results
Porvair will announce its results for the year ended 30 November 2023 on Monday 5 February 2024.
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