Strong financial performance:
Profit before tax up 9% to a record £9.2 million (2014: £8.4 million).
Basic earnings per share up 8% to 15.5 pence (2014: 14.4 pence).
Strong cash generation: net cash doubled to £10.7 million at 30 November 2015 (2014: £5.3 million).
Underlying revenue growth of 7%.
o As previously announced, large project revenue was £14.0 million lower in 2015 so total reported revenue is 8% lower at £95.8 million (2014: £104.0 million).
Final dividend of 2.2 pence per share (2014: 2.0 pence per share) recommended, an increase of 10%.
Metals Filtration:
Revenue up 3% to a record £31.0 million (2014: £30.1 million). 4% lower in constant currency.
Acquisition of Fiber Ceramics to enhance offering in steel filtration.
Production of a new aluminium filter started in Porvair's expanded facility in China.
Microfiltration:
9% underlying revenue(1) growth and record operating profit.
Revenue was £64.8 million (2014: £73.9 million).
Building and commissioning work for the large projects is going well.
Seal Analytical had a record year.
Outlook:
Healthy order position going into 2016.
Further capital investment planned to allow for further organic growth.
TEM acquired in December 2015 to expand into specialist filtration in microelectronics.
Commenting on the outlook, Ben Stocks, Chief Executive, said:
"2015 finished with a strong final quarter and healthy order books. Over the last two years significant investments have been made in capacity with new production lines being brought into operation. A promising new product development pipeline offers plenty of opportunity for organic growth. The two recent acquisitions should start to contribute in 2016. The Group is in a strong financial position and a good start has been made to the year."
