10th Feb 2025 08:58
(Alliance News) - Porvair PLC on Monday hailed record annual sales and profit despite mixed trading conditions in its markets.
The environmental and specialist filtration technology company said pretax profit rose 4.0% to GBP20.9 million in the year ended November 30 from GBP20.1 million. Basic earnings per share increased 2.9% to 35.8 pence from 34.8p.
Revenue rose 9.4% to GBP192.6 million from GBP176.0 million, or by 13% higher on a constant currency basis.
Chief Executive Ben Stocks said: "Porvair delivered record revenue and profits in 2024, posting percentage revenue growth in line with its 20-year trading record. Trading conditions were mixed, with strength in aerospace and petrochemical markets offsetting weakness in laboratory and industrial consumables."
In response, shares in Porvair rose 3.7% to 704.98p each in London on Monday morning.
By division, revenue leapt 25% in the Aerospace & Industrial division, by 6.6% in the Laboratory division but fell 8.1% in the Metal Melt Quality division.
Looking ahead, Stocks added: "In the nearer term there is much to look forward to in 2025: new product introductions in aerospace, Seal Analytical and Kbiosystems; the installation of a new manufacturing line for aluminium filtration; industrial demand recovery in the US; and increased Laboratory in-house manufacturing through Hungary."
Porvair recommended a final dividend of 4.2p, up 5.0% from 4.0p a year prior, bringing the full year dividend to 6.3p, also up 5.0%, from 6.0p.
By Jeremy Cutler, Alliance News reporter
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