Overview
UK filtration technology group's H1 revenue rose 9% to record level
Adjusted basic EPS for H1 increased 11% year-on-year
Growth driven by strength in aerospace, nuclear, life sciences, aluminium and superalloys; petrochemicals weaker
Outlook
Porvair says board's full-year expectations remain unchanged, excluding part-year contributions from GV and Carekem
Company expects petrochemical market conditions to remain subdued for the rest of 2026
Porvair expects recent acquisitions to be earnings and margin enhancing in the current financial year
Result Drivers
METAL MELT QUALITY GROWTH - Strong revenue growth in Metal Melt Quality division driven by Drache acquisition and robust aluminium and superalloy demand
OPERATIONAL IMPROVEMENTS - Margin improvement attributed to operational improvements and increased volume in certain end markets, offsetting lower petrochemical activity and acquisition dilution
PETROCHEMICAL WEAKNESS - Revenue decline in Aerospace & Industrial division due to subdued petrochemical market, partially offset by growth in aerospace and nuclear
Company press release:
Key Details
Metric Beat/Miss Actual Consensus Estimate | H1 Revenue GBP 106.20 mln | H1 Adjusted Operating Profit GBP 13.80 mln | H1 Adjusted Pretax Profit GBP 13.20 mln | H1 Operating Profit GBP 12.70 mln | H1 Pretax Profit GBP 12 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the industrial machinery & equipment peer group is "buy"
Wall Street's median 12-month price target for Porvair PLC is GBp985.00, about 15.9% above its June 26 closing price of GBp850.00
The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 18 three months ago
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