TIDMEXO
RNS Number : 9924P
Exova Group PLC
24 November 2016
24 November 2016
Exova Group plc
Trading Update
On track to deliver 2016 earnings
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 1 July 2016 to
date. Where stated, the financial results are for the period from 1
January to 31 October 2016 compared with the corresponding period
in 2015.
Group performance for the ten months to 31 October 2016
-- Total revenue up 10.8% at actual rates; +3.7% at constant currency
o (0.2)% organic growth at constant currency (+5.7% excluding
Oil, Gas & Industrials)
o 7.4% growth from acquisitions, 3.9% net of disposals
o Foreign exchange tailwind of 7.1% arising from our global
footprint
-- Despite a lower second half organic growth rate, continued
good performance in Aerospace, Infrastructure & Environment,
and Fire, Building Products & Certification (FBP&C)
-- M&A pipeline continues to be strong and recent acquisitions performing well
Divisional performance in the period from 1 January 2016 to
date
In Industries, we delivered strong organic growth performance in
Aerospace. In addition, we have also seen continued progress with
other industrial clients where we are now delivering positive
growth. Oil & Gas remains challenging and we have no current
visibility of any market improvement.
In Products, we saw continued strong organic growth in Fire,
Building Products & Certification, however as expected, this
was offset by lower levels of activity in Transportation as a
result of reduced engine-testing as projects have completed.
In Infrastructure, Health & Environment, strong organic
growth has continued across Infrastructure & Environment,
principally driven by demand in the Middle East (albeit to more
moderated levels than experienced in the first half). This has been
complemented by solid organic growth within the Health Sciences
sector.
Outlook
The Board expects full year earnings to be in line with previous
guidance, despite more challenging conditions since the half-year.
We now expect full year constant currency organic sales to be
broadly flat.
For 2017, we continue to anticipate modest organic revenue
growth supplemented by acquisitions, albeit with a less favourable
business mix due to continuing pressures in Oil & Gas and the
expected reduction in volumes in engine-testing.
Ian El-Mokadem, Chief Executive Officer, commented:
"The Group has made satisfactory progress in the first ten
months of 2016. We continue to generate good organic growth outside
of our Oil, Gas & Industrials sector, and our acquisitions
programme continues to deliver. While we have taken some additional
cost actions to mitigate the impact of the continued softness in
Oil & Gas, we remain mindful of retaining our technical
capabilities so that we are well positioned to benefit from a
market recovery."
Contacts:
Peter Ogden / Andy Jones
Powerscourt Group
Tel. Direct +44 (0)20 7549 0997 / +44 (0)7793 858 211
exova@powerscourt-group.com
Phil Marshall, Chief Financial Officer
Exova Group plc
Tel. Direct +44 (0)7881 907 548
Investor.relations@exova.com
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 138 laboratories and
offices in 33 countries and employs more than 4,300 people
throughout Europe, the Americas, the Middle East, Asia/Asia Pacific
and Africa.
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 ranging from Aerospace to Fire & Building Products; Oil
& Gas and Industrials; Infrastructure & Environment;
Automotive; and Health Sciences.
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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