31 January 2022
Results for the year ended 30 November 2021
Porvair plc (“Porvair” or “the Group”), the specialist filtration, laboratory and environmental technology group, announces its results for the year ended 30 November 2021.
Highlights
- Revenue 8% higher at £146.3 million (2020: £135.0 million), 12% higher on a constant currency basis*.
- Operating profit 25% higher at £15.8 million (2020: £12.6 million).
- Adjusted operating profit* 17% higher at £15.9 million (2020: £13.6 million).
- Profit before tax 28% higher at £14.8 million (2020: £11.6 million).
- Adjusted profit before tax* 17% higher at £14.8 million (2020: £12.6 million).
- Basic earnings per share were 26.0 pence (2020: 18.4 pence).
- Adjusted basic earnings per share* were 25.2 pence (2020: 21.6 pence).
- Net cash was £10.2 million (2020: £4.9 million) after investing £7.2 million (2020: £4.2 million) in capital expenditure and acquisitions.
- Recommended final dividend of 3.5 pence (2020: 3.3 pence) bringing the full year dividend to 5.3 pence (2020: 5.0 pence).
Commenting on the outlook, Ben Stocks, Chief Executive, said:
“Laboratory demand increased strongly in 2021 and most other segments saw some measure of recovery except aerospace, where activity levels remain well below those of 2019. However the spread of markets served by the Group generated a positive overall performance, supported by the strong balance sheet and long-term investment focus that are central to Porvair's strategy. The Group remains well positioned to address global growth trends: tightening environmental regulations; growth in analytical science; the need for clean water; carbon-efficient transportation; the replacement of plastic and steel by aluminium; and the drive for manufacturing process quality and efficiency.
“At the start of 2022, while order books are flattered by extended lead times through almost all supply chains, underlying orders are still better than they were a year ago, notably in aerospace and laboratory. Consistent investment is improving productivity and margins. In laboratory, covid-related demand may settle to more regular levels as the pandemic recedes, but as it does so aerospace activity should pick up. Porvair management teams are monitoring near-term supply dislocations and inflationary pressures closely and provided these challenges are navigated successfully the outlook for 2022 is promising”.