Porvair revenue falls less than it expected

Tue, 20th Apr 2021

Specialist filtration and environmental technology group Porvair said it had performed better than it had expected for the four months through March. Revenue was 6% lower year-on-year, or 4% lower on a constant currency basis. 'While aerospace activity remained subdued, other parts of the business started to see stronger demand,' Porvair said. Revenue in the first four months of this financial year was 123% ahead, at constant currency, of the final four months of the 2020 financial year. 'Management is encouraged that adjusted operating profit for the first four months is in line with a strong 2020 comparator,' the company said. 'Looking ahead, the aerospace and industrial division is still suffering from lower aerospace demand, although recent order intake suggests that activity may pick up in the second half.' 'The laboratory division has started the year strongly, helped by Covid-19 related activities.' 'The metal melt quality division is benefitting from a reduced cost base and an improving performance in China. Demand in the last few weeks has been stronger in the US.' Story provided by StockMarketWire.com

FTSE 100 Latest