Porvair share price on the up
Porvair plc, the specialist filtration and environmental technology group based in King’s Lynn saw its share price rise 18p (3.16 per cent) to 587p after reporting better than expected figures for the quarter to March 31.
While aerospace activity remained subdued, other parts of the business started to see stronger demand. Revenue in the first four months of this financial year was 12.5 per cent ahead (at constant currency) of the final four months of the 2020 financial year.
Management said it was encouraged that adjusted operating profit for the first four months was in line with a strong 2020 comparator.
Looking ahead, the Aerospace & Industrial division is still suffering from lower aerospace demand, although recent order intake suggests that activity may pick up in the second half.
The Laboratory division has started the year strongly, helped by Covid-19 related activities. The Metal Melt Quality division is benefitting from a reduced cost base and an improving performance in China. Demand in the last few weeks has been stronger in the US.
Earlier this year, Porvair acquired Essex-based Kbiosystems Limited which specialises in the design and manufacture of laboratory instruments, with particular expertise in automated microplate handling systems.
Porvair will announce its interim results for the six months ending 31 May 2021 on Monday 5 July 2021.