TIDMEXO
RNS Number : 6640Y
Exova Group PLC
19 May 2016
19 May 2016
Exova Group plc
Trading Update
Strong overall growth
Exova Group plc ("Exova"), a leading international provider of
technically demanding testing, certification and advisory services,
today releases a Trading Update for the period since 31 December
2015 to date. Where stated, financial results are for the period
from 1 January to 30 April 2016 compared with the corresponding
period in 2015.
Group performance for the four months to 30 April 2016
-- Revenue up 12.7% at constant currency; 15.4% at actual rates
o 1.7% organic growth at constant currency (7.7% excluding Oil
& Gas and Industrials)
o 11.0% growth from M&A activity
-- All acquisitions performing well
-- M&A pipeline continues to be strong
-- Sale of Food, Water and Pharmaceutical business in the UK and Ireland announced today
Regional performance in the period from 1 January 2016 to
date
In Europe, we saw good organic growth in Aerospace and very
strong growth in our Product & Certification cluster. As
expected, we have seen a further contraction in our Oil & Gas
and Industrials cluster and some reduction in Health Sciences.
In the Americas, we saw solid organic growth in Aerospace, good
growth in Health Sciences and a particularly high level of activity
in Transportation which we expect to return to more normal levels.
Our Oil & Gas and Industrials cluster has experienced similar
headwinds to Europe.
In Rest of World, very strong organic growth has continued in
the Middle East with the ramp-up of infrastructure projects. This
was partially offset by the anticipated contraction in Oil &
Gas and Industrials.
We have continued to take action to mitigate the impact on
margin in Oil & Gas and Industrials.
Acquisitions and disposal
On 15 February 2016, the Group acquired a majority stake in
Admaterials Technologies Pte Ltd, a Singapore based company that
provides testing services in the construction sector, as well as
chemical, environmental and mechanical testing and certification
services. This company has annual revenues in the region of GBP3.5m
and a team of more than 70 specialists and further enhances our
position in Asia. This business and our other acquisitions continue
to enhance the overall quality of our Group and are performing
well.
In addition, we announced today the agreement to sell our Food,
Water and Pharmaceutical business in the UK and Ireland. This sale
allows us to dedicate significantly more financial and management
resource to growing in sectors where we can build on our market
leading positions in technically demanding services such as Fire,
Transportation, Aerospace, Industrials and Infrastructure related
testing.
Outlook
For the full year, the Board continues to expect modest organic
growth at constant currency and earnings in line with previous
guidance, adjusted for the disposal announced today. Given the
strong pipeline, we expect our M&A programme to contribute
significantly to overall growth.
Ian El-Mokadem, Chief Executive Officer, commented:
"I am pleased with our performance in the first four months of
2016. Organic growth is in line with our expectations,
demonstrating the strength of our portfolio and business model, and
we continue to make very good progress with acquisitions. The
announcement of the sale of our UK and Ireland Food, Water and
Pharmaceutical business enables us to focus our resources where we
see the best growth opportunities for the Group."
AGM & Half year results
The Annual General Meeting of Exova Group plc is being held
today, 19 May 2016, at 11.00 a.m. at The Cavendish Hotel, 81 Jermyn
Street, London SW1Y 6JF.
The Group's half year results to 30 June 2016 will be announced
on 31 August 2016.
Notes
The Food, Water and Pharmaceutical business in the UK and
Ireland had revenues of around GBP20m in 2015 and is included in
our Europe region and Health Sciences cluster. It is anticipated
that the disposal will complete early in the third quarter of 2016
for consideration of approximately GBP18m.
Contacts
Ian Middleton / Sophie Moate
Powerscourt Group
Tel. Direct +44 (0)20 7250 1446 / +44 (0)7885 508 527
exova@powerscourt-group.com
Ian Power, Investor Relations
Exova Group plc
Telephone: +44 (0) 131 476 7619
investor.relations@exova.com
About Exova
Exova is one of the world's leading laboratory-based testing
groups, trusted by organisations to test and advise on the safety,
quality and performance of their products and operations.
Headquartered in Edinburgh, UK Exova operates 145 laboratories and
offices in 32 countries and employs around 4,500 people throughout
Europe, the Americas, the Middle East and Asia/Asia Pacific.
Exova's capabilities help to extend asset life, bring
predictability to applications, and shorten the time to market for
customers' products, processes and materials. With over 90 years'
experience, Exova specialises in testing across a number of key
sectors from health sciences to aerospace, transportation, oil and
gas, fire and construction.
This Trading Update release contains forward-looking statements
that involve substantial risks and uncertainties and actual results
and developments may differ materially from those expressed or
implied by these statements by a variety of factors. These
forward-looking statements speak only as at the date of this press
release. In addition, all projections, valuations and statistical
analyses provided in this document may be based on unaudited
pro-forma financial information, subjective assessments and
assumptions. They may use alternative methodologies that produce
different results and should not be relied upon as an accurate
prediction of future performance.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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