MayAir Group plc (AIM: MAYA.L), a leading specialist provider of air purification technology, has given DirectorsTalk a trading update for the four month period from 1 July 2016 to 31 October 2016.
· Unaudited revenues of US$33.4 million from 1 July to 31 October 2016, an increase of 75.7% over H1 2016 revenues (US$19.0 million)
· Total unaudited revenues of US$52.4 million in the 10 months to 31 October 2016
· Gross margin stable at 36% throughout the Period
· Order book of US$20.4 million at 31 October 2016, the vast majority expected to be delivered in current financial year with further order book building for 2017
· Construction of new 38,700m2 factory in Nanjing progressing on schedule and on budget.
MayAir has made strong progress since the publication of its interim results on 26 September 2016. During the Period, the Group has recorded unaudited revenues of US$33.4 million, with total unaudited revenues of US$52.4 million for the 10 months to 31 October 2016. This revenue growth, which has been achieved with stable gross margins, represents an increase of 75.7% over H1 2016. The revenue for the first 10 months of the year show a strong increase in both the Group’s Commercial and Replacement divisions.
MayAir’s manufacturing facilities are currently running at near full capacity, in order to deliver against an order book which stood at US$20.4 million at 31 October 2016. The vast majority of these orders are expected to be fulfilled in the current financial year. Construction of the Group’s new 38,700m2 factory in Nanjing continues on schedule and on budget, with the building’s third floor having been completed and the roof of the building expected to follow imminently. Production is on track to commence at the end of 2017.
Yap Wee Keong, Chief Executive Officer of MayAir Group, said: “We are pleased to report a substantial increase in MayAir’s performance in the four months since the end of H1 2016. We continue to focus all of our efforts on ensuring swift delivery against our growing order book with our factories currently operating almost at full capacity. In order to support the continued demand for our clean air solutions, particularly in our Commercial and Replacement divisions, we look forward to implementing our expansion with the completion of the new factory in Nanjing, which will provide us with the increased production capacity that we require.”
