Porvair (PRV) H2 2023 earnings summary

Executive summary

• Record results for FY2023 despite mixed divisional trading and stronger H1 than H2; revenue rose 2% to £176.0m and adjusted basic EPS increased 12% to 37.2p.

• Long-term growth drivers remain intact, with confidence expressed in FY2024 and beyond; continued investment and three acquisitions expanded product and market reach.

Financial highlights

• Revenue £176.0m, up 2% YoY; operating profit £22.6m vs £20.5m; adjusted PBT £21.4m vs £19.4m.

• Profit for the year £17.1m vs £15.3m; basic EPS 37.2p vs 33.2p.

• Operating cash flow before working capital movement £26.9m vs £25.5m; cash generated from operations £24.1m vs £22.8m.

Outlook and guidance

• FY2024 confidence supported by intact underlying growth drivers, continuing aerospace and petrochemical orders, and expected recovery in laboratory consumables.

• Industrial consumables destocking expected to continue for some months; H2 FY2024 may exceed H1.

• Continued investment and NPD planned; outlook also notes forex as a factor.