Management has issued a positive trading update ahead of its close period for the year ended November 30.
Companies: Porvair plc
Porvair's (LON: PRV) trading update today has sent shares in the Group up 9% in early trading as it outlines its positive trading ahead of its full-year results.
The Group is a specialist filtration and environmental technology group with operations in the UK, US, Germany and China, employing almost 700 people.
Shares jumped to 490p as Management announced Underlying Revenue growth for the year was 11%, bolstered by 13% Revenue growth in its Microfiltration division.
The update said Earnings for the year are:
"Forecast to be ahead of management's expectations."
Net cash has fallen to £9.7m from £13.6m in 2016 after capex and acquisitions, including that of Dutch company Rohasys B.V which the Group also announced in today's update.
Management also noted it would change the Group's management and reporting structure in FY18, which began this month, in order to offer better management and market focus and greater investor clarity. The 2018 reports will:
"Use the current two division structure, but will include proforma information for the new three new divisions, which will serve distinct markets: Aerospace & Industrial; Laboratory; and Molten Metals."
The stock has been growing steadily since 2012 from c. 90p to reach an all-time high of 599p in May '17. It trades on a forecast PE ratio of 23x, well above the industry median of 14x and is forecast to report EPS growth of 10% in FY17.
