5th Feb 2024 12:58
(Alliance News) - Porvair PLC on Monday said it was "optimistic" for 2024 and beyond, after revenue and profit reached all-time highs in 2023.
Both revenue and profit reached "record" levels for the Hampshire, England-based company, which focuses on environmental and specialist filtration technology.
Revenue was GBP176.0 million for the financial year that ended on November 30, up 2.0% from GBP172.6 million in 2022.
Revenue was up 4.5% to GBP67.6 million in the Aerospace & Industrial division, while Laboratory dropped 3.7% to GBP60.4 million due to "some inconsistency in demand" over the year. Revenue for Metal Melt Quality grew to GBP48.0 million from GBP45.2 million in 2022.
Porvair said that pretax profit reached GBP20.1 million in 2023, up 7.5% from GBP18.7 million a year prior.
Basic earnings per share were 8.4% higher at 34.8p compared to 33.2p the year before.
The company also recommended a final dividend of 4.0p, bringing the full year dividend up to 6.0p from 5.7p in 2022.
As of November 30 Porvair had GBP14.1 million in cash, a drop from GBP18.3 million in November 2022. This was a result of capital expenditure and acquisitions amounting to GBP18.7 million for the year, more than triple the GBP5.9 million spent a year before.
In December, following the end of the financial year, Porvair acquired European Filter Corporation NV for an initial consideration of GBP10.3 million.
Chief Executive Officer Ben Stocks said: "After a record 2023 the board is optimistic for 2024 and beyond. There is much to look forward to as the year unfolds: opportunities afforded by acquisitions; strong order books in aerospace and petrochemical; demand recovery in Laboratory; and new products in Seal Analytical and elsewhere."
He continued: "The group's fundamental demand drivers have not changed. Porvair remains well positioned to take advantage of tightening environmental regulation; the growth of analytical science; the need for clean water; the development of carbon-efficient transportation; the replacement of plastic and steel by aluminium; and the drive for manufacturing process quality and efficiency.
"It is these trends that drive the group's consistent longer-term trading record and enables the board to look ahead with confidence."
Shares in Porvair were down 0.3% at 658.32 pence each in London on Monday afternoon.
By Hugh Cameron, Alliance News reporter
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