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Porvair shares rise after solid growth in first-half profit and revenue leads to 7% dividend hike

Published: 22:15 25 Jun 2018 AEST

Shares rise
Porvair increased its interim dividend to 1.6p per share, up from 1.5p a year earlier

Porvair PLC (LON:PRV) saw its shares rise on Monday as it hiked its interim dividend by 7% after seeing revenue and profit increase solidly in the first half.

The FTSE Small Cap filtration and environmental technology company said its pretax profit for the six months to May 31 rose by 8% to £5.2mln, up from £4.9mln a year earlier, as revenue increased by 7% to £59.7mln from £55.5mln.

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The group said its recent acquisition, J G Finneran performed "ahead of expectations" in its first year with the company, as cross-sales and manufacturing benefits from the takeover were realised.

The firm said it sees "considerable opportunity for growth ahead", adding that it has a "healthy order book" for the second half.

Porvair’s chief executive Ben Stocks commented: "The business is achieving further organic growth through incremental new product introductions and continues to expand manufacturing capacity to meet demand.

“We expect to integrate our two first-half acquisitions in the balance of the financial year, with both bringing a wider product range to existing customers and adding intellectual property to our portfolio. We see considerable opportunity for growth ahead."

Porvair increased its interim dividend to 1.6p per share, up from 1.5p a year earlier.

In afternoon trading, Porvair shares were 1.7% higher at 488p.

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