Porvair records pre-tax profits ahead of expectations

Filtration and environmental technologies specialists Porvair announced on Tuesday that it had seen continued good progress in the nine months leading to 31 August, growing its revenue and increasing pre-tax profits.

In the Tuesday morning trading update, Porvair reported revenue growth of 8% over the nine-month period, saying growth over the third quarter was in line with what it had reported at the half.

It also said its profit before tax was "ahead of management expectations," and underlying revenue was 13% ahead of the prior period.

Porvair said its Aerospace, US Industrial, Seal Analytical and Aluminium Filtration wings had continued to perform well, and that the integration of JG Finneran Associated was "on track" and had posted a solid performance so far, contributing 5% to the group's underlying revenue growth

The group said it had recognised very little revenue compared with the previous period, which had been anticipated, but order books continued to grow across all of its divisions.

Net cash had dropped to around £4m from the £6m it had in the bank on 31 August.

As of 1000 BST, shares had moved ahead 6.53% to 484.70p.