Porvair (PRV) H1 2025 earnings summary

Executive summary

• Revenue increased 3% year-over-year to £97.7m for the first six months of 2025, with adjusted EPS also up 3%.

• Net cash position reached £17.1m at period end, reflecting strong cash generation and investment of £2.3m.

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

• Business operates in filtration, laboratory, and environmental technology markets, supported by long-term secular growth trends.

• Management incentivized by consistent earnings growth and ESG metrics.

Financial highlights

• Group revenue up 3% year-over-year 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; operating cash flow before working capital was £13.5m.

• Interim dividend increased by 5% to 2.2p per share.

• Closing cash at £17.1m, up from £4.1m a year earlier.

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.