Porvair signals strong growth in year just ended
Filtration, laboratory and environmental technology specialist Porvair said in an update on Friday that revenue for the financial year just ended was set to be 18% higher year-on-year on a reported basis, and up 13% at constant currency, with all three divisions ahead and margins sustained.
The London-listed company said adjusted earnings per share for the 12 months ended 30 November were expected to be ahead of market forecasts, with “sound” underlying profitability being supplemented by “favourable” foreign exchange translation.
Net cash at year-end was expected to be £18.1m, up from £10.2m year-on-year, after capital investment, dividend payments and acquisition costs in the year of about £8m.
“Fundamental drivers of demand remain in place - tightening environmental regulation; the growth in analytical science; clean water regulation; the use of aluminium in electric vehicles and recyclable packaging; and the drive to reduce waste in manufacturing,” the board said in its statement.
“Order books going into 2023 are healthy and lead times seem to be returning to more normal levels.”
Porvair said it would announce its preliminary results for the year ended 30 November on 30 January.
The company also announced the appointment of Amitabh ‘Ami’ Sharma as an independent non-executive director, with effect from 1 January.
On appointment, Sharma would join the audit, remuneration and nominations committees, and would become chairman of the audit committee when, as previously announced, Jasi Halai resigned on 31 January.
At 1157 GMT, shares in Porvair were up 10.66% at 585.4p.
Reporting by Josh White for Sharecast.com.