Porvair signals strong growth in year just ended
Sharecast
Published Dec 09, 2022 12:20
Updated Dec 09, 2022 12:43
Porvair signals strong growth in year just ended
Sharecast - The London-listed company said adjusted earnings per share for the 12 months ended 30 November were expected to be ahead of market forecasts, with “sound” underlying profitability being supplemented by “favourable” foreign exchange translation.
Net cash at year-end was expected to be £18.1m, up from £10.2m year-on-year, after capital investment, dividend payments and acquisition costs in the year of about £8m.
“Fundamental drivers of demand remain in place - tightening environmental regulation; the growth in analytical science; clean water regulation; the use of aluminium in electric vehicles and recyclable packaging; and the drive to reduce waste in manufacturing,” the board said in its statement.
“Order books going into 2023 are healthy and lead times seem to be returning to more normal levels.”
Porvair (LON:PORV) said it would announce its preliminary results for the year ended 30 November on 30 January.
The company also announced the appointment of Amitabh ‘Ami’ Sharma as an independent non-executive director, with effect from 1 January.
On appointment, Sharma would join the audit, remuneration and nominations committees, and would become chairman of the audit committee when, as previously announced, Jasi Halai resigned on 31 January.
At 1157 GMT, shares in Porvair were up 10.66% at 585.4p.
Reporting by Josh White for Sharecast.com.
Read more on Sharecast.com
Get The App
Written By: Sharecast
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.