Porvair (PRV) H1 2025 earnings summary

Executive summary

• Revenue increased 3% year-over-year to £97.7m for the first six months, with adjusted EPS also up 3%.

• Net cash position reached £17.1m after £2.3m invested, reflecting strong cash generation.

• Trading was mixed: strength in industrial and laboratory segments offset by softness in aerospace and foundry, with FX headwinds.

• Progressive dividend policy continued with a 5% increase in interim dividend to 2.2p per share.

• The group remains positioned to benefit from long-term trends in environmental regulation, analytical science, and clean water demand.

Financial highlights

• Group revenue up 3% to £97.7m; adjusted profit before tax up 4% to £12.0m; adjusted EPS up 3% to 20.0p.

• Operating profit up 1% to £12.6m; margin at 12.9%, down 30 bps year-over-year.

• Cash generated from operations up 44% to £10.2m; closing cash at £17.1m, up from £4.1m a year earlier.

• Adjusted basic EPS up 3% to 20.0p; profit for the period was £9.3m, up from £9.0m.

• Return on capital employed steady at 14%; effective tax rate at 22%.

Outlook and guidance

• Macro uncertainty and FX headwinds expected to persist in the near term.

• Trading outlook for H2 2025 remains positive, with order visibility in aerospace and continued strength in industrial and laboratory segments.

• Long-term demand drivers remain unchanged, supporting future growth.

• Continued investment and strong balance sheet position the business for future opportunities.