2 February, 2022 – 20:56 By Tony Quested
Sustainable technology group Porvair plc in King’s Lynn saw its share price shoot 34p (over 5 per cent) higher after revealing increased revenue and pre-tax profit for the year to November 30.
The specialist filtration, laboratory and environmental technology group reported revenue eight per cent ahead year-on-year to £146.3 million and pre-tax profit up 28 per cent to £14.8m.
Net cash was more than double the previous year-end at £10.2m (2020: £4.9m) after investing £7.2m in capital expenditure and acquisitions. The board has recommended a final dividend of 3.5 pence (2020: 3.3p) bringing the full year dividend to 5.3 pence (5p).
Chief executive Ben Stocks (pictured) said: “Laboratory demand increased strongly in 2021 and most other segments saw some measure of recovery except aerospace, where activity levels remain well below those of 2019. However the spread of markets served by the group generated a positive overall performance, supported by the strong balance sheet and long-term investment focus that are central to Porvair’s strategy.
“The group remains well positioned to address global growth trends: tightening environmental regulations; growth in analytical science; the need for clean water; carbon-efficient transportation; the replacement of plastic and steel by aluminium; and the drive for manufacturing process quality and efficiency.
“At the start of 2022, while order books are flattered by extended lead times through almost all supply chains, underlying orders are still better than they were a year ago – notably in aerospace and laboratory.
“Consistent investment is improving productivity and margins. In laboratory, Covid-related demand may settle to more regular levels as the pandemic recedes, but as it does so aerospace activity should pick up.
“Porvair management teams are closely monitoring near-term supply dislocations and inflationary pressures and provided these challenges are navigated successfully the outlook for 2022 is promising.”
