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Porvair delivers record revenue and profits in FY24
(Sharecast News) - Filtration and environmental technology business Porvair said on Monday that it had delivered record revenue and profits in the year ended 30 November 2024 despite "mixed" trading conditions. Porvair said revenues were up 9% at £192.6m, while adjusted operating profits grew 8% to £24.5m and adjusted pre-tax profits improved 6% to £22.7m. Adjusted basic earnings per share were 4% higher at 38.6p.
The London-listed group noted that trading conditions were mixed throughout FY24, with strength in aerospace and petrochemical markets offsetting weakness in laboratory and industrial consumables.
As a result, Porvair recommended a final dividend of 4.0p per share, up from FY23's final dividend of 4.0p, bringing the group's FY dividend to 6.3p, up from 6.0p for FY23.
Chief executive Ben Stocks said: "The group's strategy, unchanged since 2004, continues to deliver consistent results despite some end-market inconsistency.
"In the nearer term, there is much to look forward to in 2025: new product introductions in aerospace, Seal Analytical and Kbiosystems; the installation of a new manufacturing line for aluminium filtration; industrial demand recovery in the US; and increased Laboratory in-house manufacturing through Hungary. "
As of 1000 GMT, Porvair shares were up 1.76% at 692.0p.
Reporting by Iain Gilbert at Sharecast.com
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