Porvair plc
Results for the year ended 30 November 2022
Porvair plc (“Porvair” or “the Group”), the specialist filtration, laboratory and environmental technology group, announces its results for the year ended 30 November 2022.
Highlights:
· Revenue 18% higher at £172.6 million (2021: £146.3 million), 13% higher on a constant currency basis*.
· Operating profit 25% higher at £19.8 million (2021: £15.8 million).
· Adjusted operating profit* 29% higher at £20.5 million (2021: £15.9 million).
· Profit before tax 26% higher at £18.7 million (2021: £14.8 million).
· Adjusted profit before tax* 31% higher at £19.4 million (2021: £14.8 million).
· Basic earnings per share 23% higher at 32.1 pence (2021: 26.0 pence).
· Adjusted basic earnings per share* 32% higher at 33.2 pence (2021: 25.2 pence).
· Net cash was £18.3 million (2021: £10.2 million) after investing £5.9 million (2021: £7.2 million) in capital expenditure and acquisitions.
· Recommended final dividend of 3.8 pence (2021: 3.5 pence) bringing the full year dividend to 5.7 pence (2021: 5.3 pence).
Commenting on the results and outlook, Ben Stocks, Chief Executive, said:
“2022 was a record year with 13% constant currency revenue growth and adjusted profit before tax 31% higher. All three divisions traded well to deliver top line growth ahead of the Group’s fifteen-year average of 9% revenue CAGR. Porvair’s strategy and devolved management structure together helped to overcome challenging supply chain, inflationary and operating conditions.
“As we move into 2023 the Board sees some reasons for caution in the near-term: supply chain dislocation, while diminishing, requires vigilance; inflationary pressures continue; the wider economic picture is uncertain and there is a likelihood of currency headwinds. However, the Group order book finished the year at record levels despite clear signs of lead times returning to normal; the aerospace outlook is healthier than it has been since 2019; the petrochemical orderbook is encouraging; and recent new product introductions will support growth. Consistent investment in productivity over the last five years is improving operating margins and a strong balance sheet will support continued investment in 2023. Porvair benefits from global growth trends including tightening environmental regulation; 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. These trends have supported a consistent medium and long-term growth record and the Board is confident that this can continue.”
* See notes 1, 2 and 3 for definitions and reconciliations.
For further information please contact:
| Porvair plc | 01553 765 500 | ||
| Ben Stocks, Chief Executive | |||
| James Mills, Group Finance Director | |||
| Buchanan Communications | 020 7466 5000 | ||
| Charles Ryland / Simon Compton / George Cleary |
An analyst briefing will take place at 9:30 a.m. on Monday 30 January 2023, please contact Buchanan if you wish to join. An audiocast of the meeting and the presentation will subsequently be made available at www.porvair.com .