24th Jun 2019 10:14
(Alliance News) - Porvair PLC on Monday reported higher profit and revenue, resulting in an increased interim payout, on demand in the company's Aerospace & Industrial business.
In the six months to May 31, Porvair - a filtration and environmental technologies business - recorded a pretax profit of GBP7.4 million, 42% higher than the GBP5.6 million reported for the same period last year.
Porvair said its profit growth could be attributed to higher volumes and better operating efficiencies.
The company's revenue increased 21% in the first half to GBP72.0 million from GBP59.7 million the year before.
Porvair said strength in its Aerospace business offset a "slower start to the year in markets affected by global tariff or related US-China trade disturbances".
"Demand in Aerospace and US Industrial was strong. Several larger orders which commenced shipment in the final quarter of 2018 were delivered in the period," said Porvair. The unit saw a 48% rise in revenue in the half, increasing to GBP32.1 million.
Porvair upped its interim dividend 6.2% to 1.7 pence from 1.6p the year before.
"Porvair has started 2019 strongly, with demand in aerospace and industrial markets more than offsetting the effects of global trade disturbances seen in some of our smaller product lines. The group's new product pipeline is promising and investment in more capacity has continued. Order books for the second half are robust and prospects are encouraging," said Chief Executive Ben Stocks.
Shares in Porvair were up 4.2% Monday at 587.88 pence each.
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