Porvair (LSE:PRV), the specialist filtration, laboratory and environmental technology group, delivered record first-half revenue of £106.2m for the six months ended 31 May, a 9% rise on the same period a year earlier, with adjusted operating profit up 10% to £13.8m.
Organic constant currency growth was 2%, with the bulk of the reported increase driven by January's acquisition of Drache Umwelttechnik, a German filtration business bought for approximately £17.8m, which contributed £7.3m of revenue and £0.8m of operating profit in the period post-completion and is trading slightly ahead of expectations.
The Metal Melt Quality division led divisional growth with revenue up 40% in the period, while Laboratory advanced 3% on continued demand in life sciences and environmental testing; Aerospace and Industrial fell 2% against a particularly strong prior-year comparator that included record petrochemical revenues, with petrochemical sales approximately £7m lower in the half.
Adjusted operating margin edged up 10 basis points to 13%, and closing net cash stood at £7.1m, down from £22.9m at the full-year end after £21.2m of capital expenditure and acquisition spending.
Two further deals were signed in June: the agreement to acquire Italian industrial filtration manufacturer GV Filtri Industriali for approximately £5.8m, subject to regulatory approval, and the bolt-on purchase of UK laboratory servicing company Carekem for £1.1m.
"The board's expectations for the full year remain unchanged," said chief executive Hooman Caman Javvi, with the caveat that part-year contributions from GV and Carekem are excluded from that assessment.
