27th Jan 2014 11:32
LONDON (Alliance News) - Porvair PLC, the specialist filtration and environmental technology group, Monday reported a 25% increase in profits for its last financial year, driven by a 10% rise in revenues and a strong order book.
The group said it will be making some high capital investment in 2014 to support long term organic growth plans, and it is expecting a significant one-off boost to revenue from large contracts expected in 2014, with profits from those deals spread from 2014 to 2017.
"The Group expects to invest in additional manufacturing capacity in 2014 in the UK, USA and China to meet growing demand, and notes that the Group's new product pipeline is promising. A positive start has been made to 2014," Chief Executive Officer Ben Stock said commenting on the group's outlook.
The company declared a final dividend of 1.8 pence per share, up from 1.6 pence the prior year, and said basic earnings per share rose 26% to 12.7 pence.
Porvair reported a 25% increase in its pretax profit for the 12 months to November 30, 2013, to GBP7.8 million, compared with GBP6.3 million a year earlier.
The group said revenues during the year grew to GBP84.3 million, from GBP76.5 million a year earlier.
It said revenue from its metals filtration divisions increased slightly during the year, with a stronger second half driven by margin and market share gains from patented products.
Its mictrofiltrations business saw revenues increase 15%, boosted by several large contract wins.
During the financial year, the group invested GBP5.1 million in two small acquisitions, which it said are now both fully integrated into the business and performing as expected.
Provair shares were trading flat Monday morning, at 290.25 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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