28th Jan 2019 09:12
LONDON (Alliance News) - Porvair PLC on Monday reported moderate growth in profit it its most recently ended financial year following two acquisitions and improved demand for its products in the US across all of its divisions.
The environmental technology company said pretax profit rose 2.6% to GBP12.0 million in the year to the end of November 2018 compared to GBP11.7 million reported the year before, as revenue grew 11% to a record of GBP128.8 million from GBP116.4 million. On a constant currency basis, revenue climbed by 13%.
The company said two recent acquisitions, automated applications firm Rohasys BV and filter cartridges maker Keystone Filter contributed to revenue growth.
Porvair also noted that demand across its three divisions was generally robust, notably in the US industrial, nuclear, laboratory consumables, aluminium and specialist metal filtration.
The company declared a final dividend of 3.0 pence per share, up 11% from 2.7p paid a year earlier. This makes the full year dividend of 4.6p per share, up 10% from 4.2p.
"The group has started 2019 with a healthy order book and is trading well," said Chief Executive Ben Stocks. "Porvair remains in a strong financial position."
Porvair shares were trading 3.0% higher on Monday at 465.50 pence each.
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