Porvair achieves record full year revenue

Specialist filtration and environmental technology group Porvair has reported record full year revenue, driven by growth in aviation filtration.

The AIM-listed group delivered revenue of £109.4m in the year to 30 November 2016, up 14% compared to the previous year on a reported basis.

Record results were achieved in aviation filtration and the Seal Analytical, which provides water quality analysis equipment for environmental and industrial laboratories.

Pre-tax profit also hit a new record, rising 10% to £10.1m.

The group’s US-based TEM Filter Company attributed to growth, with a robust first year of business following its acquisition in 2015.

“The acquisition made in December 2015 continues to perform ahead of expectations,” said chief executive Ben Stocks.

Porvair said it also realised strong cash generation with net cash of £13.6m at the end of the period, up from £10.7m in 2015.

However, operating profit fell 12% to £2.2m, largely due to planned start-up costs in China.

Looking ahead, Stocks said: The modest losses incurred in our Chinese start-up are expected to diminish. Overall, the group remains in a strong financial position and a good start has been made to the current year."