Porvair (PRV) H1 2026 earnings summary

Executive summary

• Achieved record revenue of £106.2m (+9%) and adjusted operating profit of £13.8m (+10%) for H1 2026, driven by strong execution, strategic priorities, and disciplined capital allocation.

• Completed or agreed three value-accretive acquisitions: Drache, GV Filtri, and Carekem, each enhancing a different division; Drache integration progressing ahead of expectations.

• Maintained resilience across a diversified portfolio, offsetting softness in petrochemicals and certain industrial sectors.

• Continued investment in operational excellence, leadership development, and capacity expansion.

Financial highlights

• Revenue up 9% year-over-year to £106.2m, first time exceeding £100m in a half; organic constant currency growth of 2%.

• Adjusted operating profit up 10% to £13.8m; adjusted OP margin improved by 10bps to 13.0%.

• Adjusted EPS increased 11% to 22.1p; interim dividend raised 9% to 2.4p.

• Cash generated from operations down 5% to £9.7m, reflecting typical first-half working capital outflow.

• Net cash position of £7.1m after £21.2m invested in capex and M&A.

Outlook and guidance

• Full-year expectations remain unchanged, excluding part-year contributions from GV and Carekem; underlying demand drivers intact.

• Continued subdued conditions expected in European petrochemicals for the rest of 2026.

• Ongoing focus on integration of acquisitions, new product introductions, and investment in growth.

• Long-term growth drivers include environmental regulation, analytical science, clean water demand, and aluminium substitution.