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Porvair annual profit up; future uncertain due to economic uncertainty

30th Jan 2023 11:15

(Alliance News) - Porvair PLC on Monday reported a higher annual profit, but was cautious on its outlook due to inflationary and supply chain pressures, as well as possible currency headwinds.

Porvair is a Hampshire, England-based manufacturer focused on filtration and separation technology.

In the financial year to November 30, the company said pretax profit grew by 26% to GBP18.7 million from GBP14.8 million a year earlier, while revenue rose 18% to GBP172.6 million from GBP146.3 million.

Cost of sales increased slower than revenue, by 14% to GBP113.6 million from GBP99.4 million. Administrative expenses rose by 27% to GBP36.4 million from GBP28.7 million.

Porvair declared a final dividend of 3.8p, bringing the full-year dividend to 5.7p, up 7.5% from 5.3p for financial year 2021.

"As we move into 2023 the board sees some reasons for caution in the near-term: supply chain dislocation, while diminishing, requires vigilance; inflationary pressures continue; the wider economic picture is uncertain and there is a likelihood of currency headwinds," said Chief Executive Officer Ben Stocks.

More positively, Stocks added that the company benefits from growth in analytical science, the need for clean water, and tightening environmental regulation, among others. "These trends have supported a consistent medium and long-term growth record and the board is confident that this can continue," he said.

Porvair shares fell 2.1% to 600.00 pence each on Monday morning in London.

By Tom Budszus, Alliance News reporter

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