Highlights:
o Revenue up 7% to £55.5 million (2016: £52.1 million). Underlying revenue at constant currency* growth was 11%.
o Profit before tax up 9% to £4.9 million (2016: £4.5 million).
o Basic earnings per share up 11% to 8.3 pence (2016: 7.5 pence).
o Net cash was £4.0 million (31 May 2016: £7.2 million; 30 November 2016: £13.6 million).
o Acquisition of J. G. Finneran Associates, Inc. ("JGF").
o Capital investment of £4.0 million in the period.
Microfiltration:
o Revenue up 3%. Underlying revenue at constant currency* up 14%.
o Aerospace revenue up 19%.
o Seal Analytical revenue up 16%.
o Large contracts progressing as planned.
o JGF has performed well since acquisition.
o New manufacturing facility for Seal Analytical in USA opened on schedule and to budget.
o Capacity investments made for aviation and bioscience in the UK.
Metals Filtration:
o Revenues up 14% (6% at constant currency*).
o Aluminium filtration revenue strong.
o Profits held back by start-up losses in China.
Interim dividend increased 7% to 1.5 pence per share (2016: 1.4 pence).
Commenting on the outlook, Ben Stocks, Chief Executive, said:
"Porvair has started 2017 well, with a healthy order book going into the second half. Organic growth continues to be driven by incremental new product introductions and capacity expansion. The recent acquisition, JGF, has started well. The Group has a strong balance sheet, a promising project pipeline and sees many opportunities for further growth ahead."
