Porvair Plc - Year-End Trading Update
Record revenue and profit before tax, and strong cash generation
Porvair plc ("Porvair" or "the Group"), the specialist filtration and environmental technology group, today announces its results for the year ended 30 November 2019.
- Record revenue was up 13% to £144.9 million (2018: £128.8 million), 10% on a constant currency basis*.
- Profit before tax was up 16% to a record £14.0 million (2018: £12.0 million).
- Adjusted profit before tax* was up 9% to £14.8 million (2018: £13.5 million).
- Basic earnings per share were up 7% to 23.6 pence (2018: 22.1 pence) per share.
- Adjusted basic earnings per share* up 10% to 25.3 pence (2018: 22.9 pence) per share.
- Net cash was £4.0 million (2018: £6.6 million) at 30 November 2019 after £14.1 million (2018: £13.5 million) invested in acquisitions and capital expenditure.
- Recommended final dividend of 3.2 pence (2018: 3.0 pence) per share, an increase of 7%.
- Dahlman Industrial Group B.V. ("Royal Dahlman") was acquired for £7.0 million in September 2019 and traded in line with expectations in its first quarter.
Commenting on the outlook, Ben Stocks, Chief Executive, said:
"These results demonstrate the benefits of Porvair's strategy. Some segments have grown in 2019, others have maintained momentum through operational improvements. 2020 is likely to be similar. The Group's fundamentals are robust. Over the last ten years, Porvair has delivered revenue growth of 162% (10% CAGR). The Group is positioned to benefit from global trends: tighter environmental regulations; growth in analytical science; the expansion of air travel; the replacement of plastic by aluminium; and the drive for manufacturing process efficiency. These trends offer opportunities for which the Group develops differentiated products. Trading in 2020 has started well, order books are healthy and investment plans are on track. Recent acquisitions are trading as expected. The Group is looking forward with confidence."