31st Jan 2022 11:20
(Alliance News) - Porvair PLC said on Monday that all of its segments apart from Aerospace & Industrial had seen recovery in annual revenue.
For the the financial year that ended November 30, Porvair reported a pretax profit of GBP14.8 million, up 28% from GBP11.6 million the previous year.
The Hampshire, England-based manufacturer focused filtration and separation technology said revenue had risen 8.4% to GBP146.3 million from GBP135.0 million.
In the Laboratory segment, revenue grew 33% to GBP53.2 million from GBP40.1 million, driven in part by demand for a range of products used in Covid testing and analysis, Porvair explained.
Revenue in Metal Melt Quality also rose, by 14% to GBP37.4 million from GBP32.9 million. Porvair explained this brought revenue in the segment back to 2019 levels.
In the Aerospace & Industrial segment, however, revenue was down 10% to GBP55.8 million from GBP62.0 million as a result of falls in aerospace and gasification activity. The company said this was the second year that aerospace revenue had fallen.
Gross profit was up, rising 8% to GBP47.0 million from GBP43.5 million and operating profit rose 26% to GBP15.8 million from GBP12.6 million.
The company recommended a final dividend of 3.5 pence per share, bringing the full-year dividend to 5.3p. In financial 2020, the final dividend was 3.3p and the total dividend amount to 5.0p.
Chief Executive Ben Stocks said: "Laboratory demand increased strongly in 2021 and most other segments saw some measure of recovery except aerospace, where activity levels remain well below those of 2019. However the spread of markets served by the group generated a positive overall performance, supported by the strong balance sheet and long-term investment focus that are central to Porvair's strategy.
"At the start of 2022, while order books are flattered by extended lead times through almost all supply chains, underlying orders are still better than they were a year ago, notably in aerospace and laboratory. Consistent investment is improving productivity and margins. In laboratory, Covid-related demand may settle to more regular levels as the pandemic recedes, but as it does so aerospace activity should pick up".
Shares in Porvair were up 5.2% at 683.84 pence on Monday morning in London.
By Heather Rydings; [email protected]
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