Porvair posts record revenue and pre-tax profit
Porvair plc, the specialist filtration and environmental technology group based in King’s Lynn, has posted record revenue and pre-tax profit for the year to November 30.
Revenue was up 14 per cent to £109.4 million and profit before tax rose 10 per cent to a record £10m.
Net cash increased to £13.6m and the recommended final dividend of 2.4 pence per share represents an increase of nine per cent.
Porvair says further investments in capacity, new product development and skills are planned and reports a healthy order position going into 2017.
Chief executive Ben Stocks said: “Porvair finished 2016 strongly and the group has started 2017 with a healthy order position.
“Investments in capacity and manufacturing capabilities allow room for further growth. The acquisition made in December 2015 continues to perform ahead of expectations.
“New products will be introduced in aviation, nuclear filtration and by Seal Analytical. The modest losses incurred in our Chinese startup are expected to diminish.
Overall, the group remains in a strong financial position and a good start has been made to the current year.”