Financial News

Interim results for the six months ended 31 May 2010

29 Jun 2010

Porvair plc (“Porvair”), the specialist filtration and environmental technology group, today announces its interim results for the six months ended 31 May 2010.

Key features

• Porvair has delivered a strong performance in the period:
  • Revenues up 10% to £29.7m (2009: £27.0m).
  • Profit before tax increased to £1.3m (2009: loss of £0.6m).
  • Cash generated from operations £1.9m (2009: £2.0m).
  • 23% (2009: 13%) of sales revenues attributable to next generation products.
  • Interim dividend maintained at 1.0p (2009: 1.0p) per share.
• The Metals Filtration division has rebounded strongly from a difficult 2009:
  • Revenues in underlying currency up 24%.
  • Improved margins from growing next generation product sales.
  • Lower overheads following the completion of the 2009 restructuring.
• The Microfiltration division continues to trade well:
  • Revenues increased by 5%.
  • Strong contributions from businesses acquired in 2007 and 2008: Seal Analytical, Toolturn and OmniFilter (now re-named PFG Inc.).
  • Order books for the second half are generally healthy:
    • Enquiry levels for nuclear and industrial process filtration are good.
    • A large gasification order has been received for dispatch towards the end of the financial year.
    • In recent weeks aviation filtration schedules have started to increase.
• Management’s expectations for the full year results have been upgraded.

Commenting on the outlook, Ben Stocks, Chief Executive, said:

“The Board sees plenty of opportunity throughout Porvair.  The Metals Filtration division has now launched patented products in each of its key markets and has a satellite plant in China from which to develop Asian sales and manufacturing.  In the Microfiltration division the Porvair Filtration business is generating exciting growth through its US operation; while Seal Analytical is achieving growth from geographic expansion, new product introductions and reviving connections with its installed base.

“These are all initiatives on which the Group has been working for some years and the Board is pleased to be seeing them come to fruition and show through in results.  Next generation product revenues now represent 23% of total sales.

“Current levels of demand are steady and providing this continues the Group expects to maintain its strategic progress in the second half of the year.  Profitability expectations for the full year results have been revised upwards accordingly.”

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

For full interim results please refer to the PDF below.

29 Jun 2010 Interim results for the six months ended 31 May 2010 (205KB PDF)

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