Porvair makes 'good progress' in first half

The London-listed company said it made “good progress” in the period, achieving revenue growth of 7%.

Profit for the period and earnings per share was expected to be ahead of the prior year, in line with management expectations.

Underlying revenue was 11% ahead of the prior period, the board said, adding that the aerospace, US industrial, seal analytical and aluminium filtration divisions all performed well.

The integration of J G Finneran Associates - acquired on 4 April 2017 - had now begun, and initial trading was said to be “good”.

Progress towards commissioning large projects continued “on track” with “very little revenue” recognised compared with the prior period, which the board said was as expected.

Order books for the balance of the year were said to be “healthy”.

“In addition to the acquisition of JGF, investments in the period include planned capital expenditure to provide additional capacity in the UK and US,” Porvair’s board said in the statement.

“Net cash at 31 May ... was close to £4m.”

On 24 May, the group agreed new banking facilities on improved terms, the board also reported.

“Barclays Bank and Svenska Handelsbanken have provided a revolving credit facility of €23m for five years.”

The board confirmed the interim results would be announced on 27 June.