5th Jul 2021 12:54
Porvair PLC - Norfolk, England-based filtration and environmental technology firm - Pretax profit in six months to March 31 up to GBP8.9 million from GBP8.8 million a year before. Revenue slips 5% year on year in first half to GBP69.7 million from GBP73.2 million. Operating expenses down to GBP13.6 million from GBP15.1 million. Ups interim dividend marginally to 1.8 pence from 1.7p.
"While demand in aerospace has remained markedly lower than pre-pandemic levels, other segments are now showing signs of recovery. The group started 2021 with a sound balance sheet and is now seeing the benefits of cost reductions made last year. Investments in productivity, capacity and acquisitions have continued and margins in 2021 are better as a result," Chief Executive Ben Stocks says.
He continues: "Looking ahead, the underlying drivers of growth for Porvair all remain in place: tightening environmental regulations; the need for clean water; expansion of analytical science; the drive for manufacturing efficiency; the replacement of steel and plastic with aluminium; and the development of carbon-efficient transport."
Says order book is "healthy" and believe aerospace demand is rebounding.
Current stock price: 594.80 pence
Year-to-date change: up 12%
By Paul McGowan; [email protected]
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