27th Jun 2016 11:20
LONDON (Alliance News) - Porvair PLC on Monday said 2016 has started well and, barring a hit from economic and political uncertainty, its outlook is positive, as it reported a rise in half-year profit.
The filtration and environmental technology company reported a pretax profit of GBP4.5 million in the financial half-year to end-May, compared to GBP4.2 million a year before. Revenue rose to GBP52.1 million from GBP46.3 million.
Porvair saw revenue grow in both its microfiltration and metals filtration divisions.
In microfiltration, revenue rose 15% as Porvair saw good growth in most markets and revenue from large projects.
In metals filtration, revenue was up 7%, helped by sales of filters in the US and Europe, which helped offset fewer projects at aluminium smelters, following a period of low metal prices.
Porvair proposed an interim dividend of 1.4 pence, up from 1.3 pence a year before.
"Provided recent economic and political uncertainty does not affect general industrial activity, the outlook for Porvair is positive. 2016 has started well. Demand in most of our markets is good, and order books for the second half are healthy," said Chief Executive Ben Stocks in a statement.
"We are benefiting from the introduction of new products and the integration of acquisitions made in 2015. The group has a strong balance sheet, a promising project pipeline and many opportunities ahead," Stocks added.
Shares in Porvair were down 4.5% at 320.00 pence Monday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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