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Interim Results

Porvair encouraging progress

27 June 2016 07:31

Filtration group Porvair (PRV) made encouraging progress in the half year to 31 May with revenue up 13% to £52.1 million (2015: £46.3 million). Constant currency revenue growth was 10%.

Highlights:

- Profit before tax up 7% to £4.5 million (2015: £4.2 million).

- Basic earnings per share up 9% to 7.5p (2015: 6.9p).

- Net cash was £7.2 million (31 May 2015: £6.2 million; 30 November 2015: £10.7 million).

- Acquisition of TEM for £3.4m, £2.9 million paid in the period.

- Capital investment of £2.7 million in the period.

MICROFILTRATION:

- Revenue up 15%.

- Aerospace revenue up 14%.

- Large contracts progressing smoothly - POSCO contract is largely commissioned.

- TEM has performed well since acquisition.

- New facility in USA opened on schedule and to budget.

- Indian joint venture with Mascot Dynamics signed.

- Order book healthy.

METALS FILTRATION:

- Revenues up 7% (4% lower in constant currency).

- New facility in China performing well and has delivered its first filters for molten aluminium.

- Exclusive multi-year contract with Alcoa renewed.

- Interim dividend increased 8% to 1.4p per share (2015: 1.3p). Chief executive Ben Stocks said: "Provided recent economic and political uncertainty does not affect general industrial activity, the outlook for Porvair is positive. 2016 has started well.

"Demand in most of our markets is good and order books for the second half are healthy.

"We are benefiting from the introduction of new products and the integration of acquisitions made in 2015.

"The group has a strong balance sheet, a promising project pipeline and many opportunities ahead." Story provided by StockMarketWire.com

Related Company: PRV

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