Porvair plc, the specialist filtration and technology group, has announced results for the six months ending on 31 May 2016. Overall, the results are rather better than those for the same period last year. Interestingly, revenue is only roughly equivalent to that for the same period two years ago, but profitability is up and the cash position is much improved, as can be seen from the following outline figures:-.
Revenue Profit before Tax Net cash
6 months to 31/5/16 £ 52.1 million £ 4.5 million £ 7.2 million
6 months to 31/5/15 £ 46.3 million £ 4.2 million £ 6.2 million
6 months to 31/5/14 £ 51.0 million £ 3.8 million [£ 1.0 million]
More detailed figures show that revenue in both of the company’s divisions, microfiltration and metal filtration increased in the latest period under review and new facilities have been opened in the US (Microfiltration) and in China (Metals filtration). It is also a promising development that a joint venture has been signed with the company’s long-term Indian partner, Mascot Dynamics. The hope is that this will give better access to the Indian industrial filter market.
Porvair’s manufacturing operations, employing about 500 people, are principally in the UK, the US, Germany and China. Sales are global (over 75 per cent outside the EU) and a high proportion of annual revenue comes from repeat business. In addition, it is worth remembering that Porvair has been around a long time (it was first quoted in 1992) so the company has proved that it can adapt to change.
All this leads management to look to a positive future “provided recent economic and political uncertainty does not affect general industrial activity”. Just at the moment, it would be unreasonable to expect a company to be much more explicit.