3rd Feb 2020 13:17
(Alliance News) - Porvair PLC on Monday said its profit was higher in its most recent financial year, with a substantial rise in Aerospace & Industrial unit revenue.
In its financial year ended November 30, the filtration and environmental technology firm's pretax profit rose 17% to GBP14.0 million from GBP12.0 million.
Revenue increased by 12% to GBP144.9 million from GBP128.8 million. This revenue rise was particularly led by Porvair's Aerospace & Industrial division, where revenue was up 28% at GBP64.7 million from GBP50.5 million.
Porvair is recommending a final 3.2 pence per share final dividend, up 6.7% from 3.0p per share the year before.
In addition, Porvair stated that Senior Non-Executive Director Paul Dean has stepped down with immediate effect, having been a non-executive director since 2012. He is succeeded in the role by Non-Executive Director Sally Martin, who joined in October 2016.
Chief Executive Ben Stocks said: "These results demonstrate the benefits of Porvair's strategy. Some segments have grown in 2019, others have maintained momentum through operational improvements. 2020 is likely to be similar."
Stocks added: "The group is positioned to benefit from global trends: tighter environmental regulations; growth in analytical science; the expansion of air travel; the replacement of plastic by aluminium; and the drive for manufacturing process efficiency. These trends offer opportunities for which the group develops differentiated products. Trading in 2020 has started well, order books are healthy and investment plans are on track. Recent acquisitions are trading as expected. The group is looking forward with confidence."
Shares in Porvair were down 2.4% at 776.84 pence in London on Monday afternoon.
By Anna Farley; [email protected]
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