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Porvair PLC on Monday said it was ‘optimistic’ for 2024 and beyond, after revenue and profit reached all-time highs in 2023.
Both revenue and profit reached ‘record’ levels for the Hampshire, England-based company, which focuses on environmental and specialist filtration technology.
Revenue was £176.0 million for the financial year that ended on November 30, up 2.0% from £172.6 million in 2022.
Revenue was up 4.5% to £67.6 million in the Aerospace & Industrial division, while Laboratory dropped 3.7% to £60.4 million due to ‘some inconsistency in demand’ over the year. Revenue for Metal Melt Quality grew to £48.0 million from £45.2 million in 2022.
Porvair said that pretax profit reached £20.1 million in 2023, up 7.5% from £18.7 million a year prior.
Basic earnings per share were 8.4% higher at 34.8p compared to 33.2p the year before.
The company also recommended a final dividend of 4.0p, bringing the full year dividend up to 6.0p from 5.7p in 2022.
As of November 30 Porvair had £14.1 million in cash, a drop from £18.3 million in November 2022. This was a result of capital expenditure and acquisitions amounting to £18.7 million for the year, more than triple the £5.9 million spent a year before.
In December, following the end of the financial year, Porvair acquired European Filter Corporation NV for an initial consideration of £10.3 million.
Chief Executive Officer Ben Stocks said: ‘After a record 2023 the board is optimistic for 2024 and beyond. There is much to look forward to as the year unfolds: opportunities afforded by acquisitions; strong order books in aerospace and petrochemical; demand recovery in Laboratory; and new products in Seal Analytical and elsewhere.’
He continued: ‘The group’s fundamental demand drivers have not changed. Porvair remains well positioned to take advantage of tightening environmental regulation; the growth of analytical science; the need for clean water; the development of carbon-efficient transportation; the replacement of plastic and steel by aluminium; and the drive for manufacturing process quality and efficiency.
‘It is these trends that drive the group’s consistent longer-term trading record and enables the board to look ahead with confidence.’
Shares in Porvair were down 0.3% at 658.32 pence each in London on Monday afternoon.
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