Filtration and environmental technology company, Porvair PLC (LON:PRV) traded in line with management’s expectations in the first nine months of its fiscal year.
In the nine months to the end of August, revenue was up 8% year-on-year; stripping out currency fluctuations and the impact of large projects, revenue was up 11%.
READ: Porvair shares rise after solid growth in first-half profit and revenue leads to 7% dividend hike
Profit before tax was in line with management's expectations.
Order books are generally healthy with order intake strong in the third quarter, notably in Aerospace & Industrial and Laboratory, Porvair said.
Net borrowings at the end of August totalled £2mln, compared to a positive net cash position of £4mln a year earlier, with the reversal largely due to the company investing £11.7mln in acquisitions and capital expenditure in 2018.
The final consideration payment for Keystone and the first earn-out payment for J G Finneran were paid in the quarter for a total of US$4.8mln, the company revealed.
Shares in Porvair were unchanged in early deals.
Porvair Sciences Limited @porvairsciences have added a press release to Find the Needle about their Fast LC/MS Sample Preparation Microplate https://t.co/UzmLFRYvfT #Microplate pic.twitter.com/8eAI68DlFJ
— Find The Needle (@findtheneedleuk) September 12, 2018