Porvair ups dividend as profit rises amid demand in testing markets
Porvair PLC on Monday reported higher interim earnings, despite expected weakness in petrochemicals and some industrial end markets.
The Norfolk, England-based environmental testing and water filtration technology firm said pretax profit rose 6.2% to £12.0 million in the six months to the end of May from £11.3 million a year earlier.
Basic earnings per share grew 6.3% to 20.2 pence per share from 19.0p.
Revenue climbed 8.7% to £106.2 million in the recent half-year from £97.7 million a year before, with the company citing continued demand in environmental testing markets. Adjusted operating profit rose by 10% to £13.8 million from £12.6 million, as adjusted operating margin improved a notch to 13.0% from 12.9%.
Porvair announced an interim dividend increase of 9.1% to 2.4 pence per share from 2.2p a year ago.
The company said its long-term growth drivers remain "firmly in place" such as tightening environmental regulation, growth in analytical science, and increasing demand for clean water.
Chief Executive Officer Hooman Caman Javvi said: "The group delivered both record revenue and profit in the first half, reflecting disciplined execution and the strength and resilience of Porvair's diversified portfolio against mixed conditions across the group's end markets. Strength in aerospace, nuclear, life sciences, aluminium and superalloys was partially offset by expected weakness in petrochemicals and certain industrial end markets."
He added: "While we continue to monitor the developments in the Middle East, we note that the group's manufacturing footprint mainly serves local customers, and its decentralised management structure provides flexibility, agility and resilience in navigating volatile trading conditions, enabling key commercial decisions to be made close to customers and suppliers. The board's expectations for the full year remain unchanged [excluding the part-year contributions from GV and Carekem], supported by the group's diversified customer base, strong recurring revenue streams and disciplined operational management."
Porvair shares were 0.5% lower at 846.00 pence each on Monday morning in London. The stock is up 17% over the past 12 months.
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