Porvair (LSE:PRV) said trading remained strong through the first ten months of its financial year, with the Board now expecting full-year results to come in slightly ahead of market expectations.
The specialist filtration, laboratory and environmental technology group's update, covering the ten months to 30 September, builds on its nine-month statement issued on 22 September, and confirms a strong start to the final quarter.
All three divisions, Aerospace & Industrial, Laboratory and Metal Melt Quality, are showing organic revenue growth, and the adjusted operating profit margin is running slightly ahead of the prior ten-month period.
Porvair said it remains in a modest net cash position, excluding lease liabilities, despite completing three acquisitions during the period: Drache Umwelttechnik, Carekem and GV Filtri Industriali.
Net cash stood at £7.1m at the half-year stage, down from £22.9m at the prior full-year end, after combined capital expenditure and acquisition spend of £21.2m in the first half.
The company attributed its improved outlook to a diversified customer base, strong recurring revenue streams and disciplined operational management.
Alongside the trading update, Porvair is hosting a Capital Markets Event in London, where it is setting out a new medium-term financial framework targeting total revenue growth of more than 10%, mid-single-digit organic constant-currency revenue growth, adjusted operating profit margins of 16% to 18% by the 2031 financial year, adjusted EPS growth of 10% to 20%, operating cash flow conversion above 85% and return on invested capital above 18%.
Porvair said no additional information on current trading will be disclosed at the event itself.