December 5 2013 Latest news:
Friday, September 27, 2013
King’s Lynn-based filtration specialists Porvair has made fresh ground in the life sciences market after snapping up a US firm and rubber stamping a new licensing agreement.
The EDP top 100 company acquired laboratory equipment manufacturer Thomas Cain for an undisclosed fee in a move to broaden its range of products and bolster its water analysis operation Seal Analytical.
The announcement was made on the same day that it struck a deal to produce a range of life science filters with Thermo Electron Manufacturing – a division of Thermo Fisher Scientific.
It comes after Porvair declared last week that it had mounted better-than-expected pre-tax profits for the full year, causing its share price to rise by 5.2pc.
Ben Stocks, group chief executive, said: “As part of Porvair’s focus on new product development, we have been working for several years with Thermo to develop a range of laboratory sample preparation products, which we are excited to see move into the commercial phase.
“Porvair has received a technology transfer fee and, in addition, will generate manufacturing margins and royalties on future revenues.
“I am pleased to welcome the staff of Thomas Cain into the Porvair Group. Their high quality product range is highly complementary to that offered by Seal Analytical and will fit well with sales and marketing programmes already underway.”
Last week, the company –which has an admin base on the North Lynn industrial estate– said its revenues were 13pc higher than in the first nine months of last year.
And revenues for its microfiltration divison were also ahead, thanks to deals with Reliance Industries in India and the UK government.
Meanwhile, the business confirmed that its last acquisition Chand Eisenmann Metallurgical (CEM) had traded satisfactorily and was contributing to the group profits.
In June, it reported half-year trading results that saw revenues up by 8pc, from £35.9m in 2012 to £38.6m this year, while also trimming 22pc of its net debt to £3m. And it also made stronger pre-tax profits with a 27pc increase to £3.1m – up £700,000 on last year.
Two hundred jobs are set to be created after one of west Norfolk’s largest businesses was granted permission to expand its King’s Lynn facilities.