Porvair posts record revenue and pre-tax profit
Filtration and environmental technology group Porvair has posted record revenue and pre-tax profit for the year to November 30. The King’s Lynn business increased revenue by 13 per cent to £144.9 million while profit before tax was up 16 per cent to a new high of £14m.
Chief executive Ben Stocks said: “These results demonstrate the benefits of Porvair’s strategy. Some segments have grown in 2019, others have maintained momentum through operational improvements. 2020 is likely to be similar.
“The group’s fundamentals are robust. Over the last 10 years, Porvair has delivered revenue growth of 162 per cent (10 per cent CAGR). The group is positioned to benefit from global trends: tighter environmental regulations; growth in analytical science; the expansion of air travel; the replacement of plastic by aluminium and the drive for manufacturing process efficiency.
“These trends offer opportunities for which the group develops differentiated products. Trading in 2020 has started well, order books are healthy and investment plans are on track. Recent acquisitions are trading as expected.”