29th Jun 2015 06:56
LONDON (Alliance News) - Filtration and environmental technology company Porvair PLC on Monday said its pretax profit was slightly higher in the first half of its 2015 financial year, despite revenue declining in line with its expectations due to a lower contribution from large projects.
Porvair said its pretax profit in the six months to the end of May was GBP4.2 million, up from GBP3.8 million a year earlier. The rise in profit came despite revenue falling to GBP46.3 million from GBP51 million, attributed to weaker large-project revenue in the half. The profit was kept higher by Porvair's cost of sales coming down further than the revenue decline.
The company said it would pay an interim dividend of 1.3 pence per share, up from 1.2 pence per share a year earlier.
Porvair said its underlying revenue in its microfiltration business rose by 9%, offsetting the lower contribution from large projects, with 44% revenue growth in its US operations and a robust order book in place going into the second half. Revenue in its metals filtration business, however, was up by 6% on the back of a good performance from its patented products portfolio.
"Overall market demand is encouraging and order books continue to be healthy. We are winning market share with new products, notably in Metals Filtration and Seal Analytical. The group has a strong balance sheet, a promising project pipeline and has made a good start to 2015," said Porvair Chief Executive Ben Stocks.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Porvair