Porvair figures reveal rise in profits and revenues

Specialist filtration and environmental technology firm Porvair has revealed a rise in profits and revenues in its latest figures announced today.

The King's Lynn-based company has announced its half yearly results for the six months ended May 31.

Revenues grew by 5pc to �31.1m compared to �29.7m for 2010 with profit before tax up by 27pc to �1.6m (�1.3m in 2010).

Earnings per share were up 29pc from 2.1p to 2.7p and overall management expectations for the full year have increased.

Other figures show that net debt fell substantially by �5.4m to �8.9m over the last 12 months from the 2010 figures of �14.3m.

Highlights for the firm in its metals filtration area included: further take up of patented new products leading to improved margins; streamlining manufacturing processes underway; and a first profitable period for its Chinese plant.

In microfiltration: aerospace revenues were up 17pc with promising schedules for the second half; record orders in the second quarter, including several large bids won in gasification and nuclear; but seal analytical revenues lower by 9pc compared with prior period but expected to perform well over the full year.

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And interim dividend of 1p - the same as 2010 - was declared.

Chief executive Ben Stocks said: 'Porvair's strategic direction and operating objectives, which focus on new product growth and geographic expansion in key markets, have been consistent for several years, and their benefits are discernable in these results.

'The Board expects these benefits to continue to show through in the second half of 2011 and beyond.

'In the Metals Filtration division margins are improving and will continue to do so as manufacturing is streamlined.

'In Microfiltration, the strength of the current order book and pipeline of potential opportunities is encouraging. As a result, management's expectations for the year have been increased.'

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