LONDON (ShareCast) - Filtration and environmental technologies group Porvair said it expects to report full-year results ahead of expectations.

Revenue for the year through November, at constant exchange rates, is 10% higher than the prior year, according to a trading update on Wednesday.

The Microfiltration division has achieved a 16% rise in revenue, driven by significant activity from contracts with steel making company POSCO, Indian conglomerate Reliance Industries and the UK government.

The Seal Analytical division, a manufacturer of water quality analysis equipment for environmental and industrial laboratories, has also traded well. Thomas Cain, which was acquired in September 2013, is trading as expected and has made a positive contribution to Seal's performance.

Trading in the Metals Filtration division improved in the second half, after a quieter first half, and revenues for the full year are in line with last year.

A new plant in Xiaogan, China, has been completed on time and budget and production from the plant has begun.

Porvair has spent £3m on acquisitions in the year but strong operating cash flows have reduced net borrowings in the year by £4m to leave the group with a small net cash surplus.

Shares were up 2.80% to 292.72p at 09:30 on Wednesday.

RD

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