25th Jan 2016 09:13
LONDON (Alliance News) - Filtration and environmental technologies company Porvair PLC on Monday said its pretax profit grew in the year to the end of November, despite a dip in its reported revenue, and declared a 10% hike in its final dividend.
The company said its pretax profit for the year November 30 rose 9.0% year-on-year to GBP9.2 million from GBP8.4 million a year earlier.
Total revenue for the group fell to GBP95.8 million from GBP104.0 million, resulting from less large project revenue, which fell by GBP14.0 million. Revenue rose in Porvair's metals and microfiltration divisions, with the metals arm boosted by the acquisition of Fiber Ceramics and the microfiltration unit progressing its work on large projects.
The group said its order book looks healthy going into 2016 and said it will hike its final dividend to 2.2 pence from 2.0p a year earlier. Its total dividend payout will be 3.5p, up 9.4% from 3.2p.
"2015 finished with a strong final quarter and healthy order books. Over the last two years significant investments have been made in capacity with new production lines being brought into operation," said Chief Executive Ben Stocks.
"The group is in a strong financial position and a good start has been made to the year," he added.
Porvair shares were up 1.7% to 292.35p Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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