Half yearly results for the six months ended 31 May 2017

27 Jun 2017

Positive progress

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 2017.

  • Highlights:
    • Revenue up 7% to £55.5 million (2016: £52.1 million). Underlying revenue at constant currency* growth was 11%.
    • Profit before tax up 9% to £4.9 million (2016: £4.5 million).
    • Basic earnings per share up 11% to 8.3 pence (2016: 7.5 pence).
    • Net cash was £4.0 million (31 May 2016: £7.2 million; 30 November 2016: £13.6 million).
    • Acquisition of J. G. Finneran Associates, Inc. (“JGF”).
    • Capital investment of £4.0 million in the period.
  • Microfiltration:
    • Revenue up 3%. Underlying revenue at constant currency* up 14%.
    • Aerospace revenue up 19%.
    • Seal Analytical revenue up 16%.
    • Large contracts progressing as planned. 
    • JGF has performed well since acquisition.
    • New manufacturing facility for Seal Analytical in USA opened on schedule and to budget.
    • Capacity investments made for aviation and bioscience in the UK.
  • Metals Filtration:
    • Revenues up 14% (6% at constant currency*).
    • Aluminium filtration revenue strong.
    • Profits held back by start-up losses in China.
  • Interim dividend increased 7% to 1.5 pence per share (2016: 1.4 pence).

Commenting on the outlook, Ben Stocks, Chief Executive, said:
“Porvair has started 2017 well, with a healthy order book going into the second half. Organic growth continues to be driven by incremental new product introductions and capacity expansion. The recent acquisition, JGF, has started well. The Group has a strong balance sheet, a promising project pipeline and sees many opportunities for further growth ahead.”

*See note 14 for definition of revenue at constant currency and underlying (which excludes large projects) revenue at constant currency

For further information please contact:

Porvair plc
020 7466 5000 today
01553 765 500 thereafter
Ben Stocks, Chief Executive
Chris Tyler, Group Finance Director

Buchanan Communications
Charles Ryland / Steph Watson
020 7466 5000

An analyst briefing will take place at 9:30 a.m. on 27 June 2017 at Buchanan. An audio webcast and a copy of the presentation will be available at www.porvair.com on the day.

27 Jun 2017 Half yearly results for the six months ended 31 May 2017 (761KB PDF)