Porvair Plc - Half Year Results 2019

Porvair plc

Half yearly results for the six months ended 31 May 2019

Strong results and continued momentum

 

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 2019.

 

Highlights:

·      Revenue up 21% to £72.0 million (2018: £59.7 million), 17% on a constant currency basis*.

·      Operating profit up 39% to £7.8 million (2018: £5.6 million).  Adjusted operating profit* up 38% to £8.0 million (2018: £5.8 million)

·      Profit before tax up 41% to £7.4 million (2018: £5.2 million).

·      Adjusted basic earnings per share* up 36% to 12.9 pence (2018: 9.5 pence).

·      Basic earnings per share were 12.4 pence (2018: 10.7 pence). 

·      Net cash was £3.2 million (31 May 2018: £2.2 million). £2.8 million (2018: 7.0 million) was invested in acquisitions and capital expenditure during the period.

·      Interim dividend increased 6% to 1.7 pence per share (2018: 1.6 pence).

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

"Porvair has started 2019 strongly, with demand in aerospace and industrial markets more than offsetting the effects of global trade disturbances seen in some of our smaller product lines.  The Group's new product pipeline is promising and investment in more capacity has continued.  Order books for the second half are robust and prospects are encouraging."