Porvair plc is a specialist filtration and environment technology group that develops, designs and manufactures specialist filtration and separation equipment through two operating divisions–Metals Filtration and Microfiltration. It serves a range of market segments and the focus is specialist filtration of companies which have long term potential of which aviation, energy and industrial process, laboratory supplies and molten metals are the most important. At the heart of what it does is the filtration and engineering expertise which allows it to solve particular customer problems across all the markets it serves These include the UK, US, Germany and China. The company says its customers require filtration or emission control products that perform to a given specification. It also says it wins business by offering the best technical solutions for these requirements at an acceptable commercial cost.
Exchange: London Main Board (PRV)
Financial Data from the Exchange website: LSE Summary
Recent Financial Report: Interim Report for the first half of 2017
The group has two divisions. The Microfiltration division serves the aviation, energy and industrial, and laboratory markets. The Metals Filtration division focuses on filtration of molten metals, principally aluminium. The acquisition of the JGF company in the first half of 2017 has increased the group’s activities in the laboratory sector, and the Board is considering managing and reporting these activities in a separate segment in the 2018 financial year. On the group’s turnover 52 per cent is manufactured in the US, 36 per cent in the UK, 9 per cent in Germany and 3 per cent in China.
Profit before tax in the first half of 2017 was up 9 per cent to £4.9 million. Earnings per share increased 11 per cent to 8.3 pence. Revenue was £55.5m an increase of 7 per cent. Currency translation effects of a weaker Sterling benefited the current period reported revenues while the prior period included significant revenues from the large projects. At constant currency, excluding the large projects, revenue growth was 11 per cent.
Short description: Specialist filtration and environmental technology