Half yearly results for the six months ended 31 May 2016

27 Jun 2016

Porvair plc (“Porvair” or “the Group”), the specialist filtration and environmental technology group, today announces its half yearly results for the six months ended 31 May 2016.

Highlights

  • Encouraging financial progress:
    • Revenue up 13% to £52.1 million (2015: £46.3 million).  Constant currency revenue growth was 10%.
    • Profit before tax up 7% to £4.5 million (2015: £4.2 million).
    • Basic earnings per share up 9% to 7.5 pence (2015: 6.9 pence).
    • 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 1.4 pence per share (2015: 1.3 pence).

Commenting on the outlook, Ben Stocks, Chief Executive, 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.”

For further information please contact:
Porvair plc       
0207 466 5000 today
01553 765 500    thereafter
Ben Stocks, Chief Executive       
Chris Tyler, Group Finance Director            

Buchanan Communications       
0207 466 5000   
Charles Ryland / Stephanie Watson

A copy of the presentation that accompanies these results is available at www.porvair.com