Porvair expects market guidance beat, sets out mid-term targets

Porvair PLC on Wednesday reported strong trading for the fourth quarter and announced new medium-term guidance ahead of its capital markets event.

The Norfolk, England-based filtration, laboratory and environmental technology firm "has continued to trade well" since its nine-month update in late September, saying its fourth quarter showed a "strong start".

"All three divisions are showing organic revenue growth, with the group’s adjusted operating profit margin being slightly ahead of the prior ten-month period," Porvair said, adding that it retains "a modest net cash position" despite its acquisitions of Umwelttechnik GmbH, Carekem Ltd and GV Filtri Industriali Srl.

Porvair said it expects full-year trading to be slightly ahead of market expectations. It cited its "diversified customer base, strong recurring revenue streams and disciplined operational management."

Also on Wednesday, ahead of its Capital Markets Event that afternoon, Porvair set out its "new medium-term financial framework". It said it will provide further details at the event.

This includes total revenue growth exceeding 10%, and mid-single-digit organic constant currency revenue growth.

It also forecasts adjusted operating profit margins between 16% and 18%; adjusted earnings per share growth of 10% to 20%; operating cash flow conversion exceeding 85%; and an over 18% return on invested capital.

Porvair shares were 0.9% higher at 914.00 pence on Wednesday in London.

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