REG - Porvair PLC - Full Year Results
09/02/2026 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260209:nRSI1401Sa&default-theme=true
RNS Number : 1401S Porvair PLC 09 February 2026
For immediate
release
9 February 2026
Porvair plc
Results for the year ended 30 November 2025
Record results ahead of expectations, positive outlook
Porvair plc ("Porvair" or the "Group"), the specialist filtration, laboratory
and environmental technology group, announces its results for the year ended
30 November 2025.
Financial summary:
2025 2024 Growth
£m £m
Revenue 194.0 192.6 1%
Adjusted operating profit* 26.2 24.5 7%
Adjusted operating margin %* 13.5% 12.7% 80bps
Adjusted profit before tax 25.1 22.7 11%
Adjusted basic earnings per share (pence)* 42.3p 38.6p 10%
Cash generated from operations 29.2 25.7 14%
Closing cash 22.9 13.7 67%
Statutory performance:
Operating profit 24.5 22.8 7%
Profit before tax 23.3 20.9 11%
Basic earnings per share (pence) 39.3p 35.8p 10%
Group highlights:
· The Group delivered record revenue, profit and margin.
· Revenue up 1% to £194.0m (2024: £192.6m), 2% higher on a
constant currency basis*.
· Adjusted operating margin* up 80 bps to 13.5% (2024: 12.7%), with
margin progress across all three divisions.
· Cash generated from operations of £29.2m (2024: £25.7m), with
closing cash at £22.9m (2024: £13.7m) after investing £7.7m (2024: £5.1m)
in capital expenditure.
· Post period end, the Group announced the acquisition of Drache
Umwelttechnik GmbH ("Drache") on 12 January 2026.
· Recommended final dividend of 4.5 pence (2024: 4.2 pence)
bringing the full year dividend to 6.7 pence (2024: 6.3 pence).
· Capital Markets Event to be held in the second half of FY2026.
* See notes 1, 2 and 3 for definitions and reconciliations.
Commenting on the performance and outlook, Hooman Caman Javvi, Chief
Executive, said:
"Porvair delivered record revenue, profit and margin in 2025, despite mixed
trading conditions across our end markets. As expected, aerospace demand
increased in the second half of the year, while petrochemical sales slowed,
and industrials remained mixed. The laboratory end markets showed steady
progress throughout the year, with environmental demand continuing to improve.
Overall, the Group delivered another year of progress despite economic
uncertainty and end-market inconsistency. This performance demonstrates the
resilience and quality of our business, together with agility in managing
near-term macro-economic uncertainty.
The Group's long-term fundamental demand drivers have not changed and Porvair
remains well positioned to take advantage of tightening environmental
regulation; the growth of analytical science; the need for clean water; the
development of carbon-efficient transportation; the replacement of plastic and
steel by aluminium; and the drive for manufacturing process quality and
efficiency. It is these trends, and Porvair's business model, that have driven
the Group's consistent longer-term track record.
In the near-term there is much to look forward to in 2026, including welcoming
the team at Drache to the Group; continuing to drive operational performance;
new product introductions in aerospace, Seal Analytical and Porvair Life
Sciences; the installation of our new manufacturing line for aluminium
filtration; and industrial demand recovery. The Board remains committed to a
strategy of organic and inorganic growth and is optimistic about the future."
For further information please contact:
Porvair plc +44 (0)1553 765 500
Hooman Caman Javvi, Chief Executive
James Mills, Group Finance Director
Burson Buchanan +44 (0)20 7466 5000
Charles Ryland / Stephanie Whitmore / Chris Lane
An analyst briefing will take place at 9:30 a.m. on Monday 9 February 2026 at
Burson Buchanan, please contact Burson Buchanan at porvair@buchanancomms.co.uk
(mailto:porvair@buchanancomms.co.uk) for details and note the change of
address. An audiocast of the meeting and the presentation will subsequently be
made available at www.porvair.com (http://www.porvair.com) .
Operating review
2025 was a year of record revenue, profit and margin, achieved despite
variable demand patterns across our end markets. The Group reported 1% revenue
growth (2% constant currency). Adjusted operating profit was 7% ahead of the
prior year with an operating margin of 13.5%, an 80 bps improvement from 2024,
with margin progress across all three divisions. Cash generation was strong,
with closing cash of approximately £23m at 30 November 2025, after investing
£7.7m in capital expenditure.
Trading was mixed across our end markets. As expected, we experienced stronger
aerospace demand in the second half of the year, following a slower first six
months. Industrial demand was mixed, with nuclear sales growing, while
petrochemical sales, which can be lumpy, had a stronger first half than
second. The end market for aluminium and superalloys continued to show
progress, while the auto, truck and agriculture end markets, which represent a
smaller part of the Group, was lower. The laboratory end markets showed steady
growth, with the environmental market improving.
Porvair serves a range of markets in different parts of the world and trading
can be affected by both local and global events, such as the changing tariff
landscape during 2025. The Group's manufacturing footprint mainly serves local
customers. Despite variation in the end markets in a particular year, Porvair
benefits from underlying growth trends that have not changed. Our
decentralised management structure is helpful in volatile trading conditions,
enabling key commercial decisions to be made closer to customers and
suppliers. The benefit of the Group's diverse operating spread is shown in the
consistent long-term track record, despite inconsistent demand across end
markets.
Since joining the Group, I have visited all our locations and spent time with
our highly talented global teams over the year. We have implemented various
changes to the way the team works together. In order to enhance our execution
and increase momentum, we have formed an Executive Committee responsible for
the management of the Group, consisting of the Executive Directors and key
members of the senior leadership team. We also added a central resource during
the year to support M&A activities and proactively manage the pipeline.
During the year, we reviewed the strategy and business model, continuing to
build on the many strengths of the Group, while further accelerating momentum
to deliver long-term value. This covers the approach to market, capital
allocation priorities, innovation, operational performance, and, underpinning
all of what we do, continuing to invest in our people and talent development
across the business. I am confident that Porvair is well-placed to deliver
sustainable growth for stakeholders.
Track record
Porvair's performance has remained relatively consistent over many years and
the Group's track record for growth, cash generation and investment is:
5 years 10 years 15 years
Revenue - base year £135.0m £95.8m £63.6m
Revenue CAGR** 8% 7% 8%
Earnings per share CAGR** 16% 10% 14%
Adjusted earnings per share CAGR** 14% 11% 15%
** Compound annual growth rate
5 years 10 years 15 years
£m £m £m
Cash generated from operations 120.4 191.4 248.4
Investment in acquisitions and capital expenditure 54.8 105.3 127.0
This longer-term growth record gives the Board confidence in the Group's
capabilities and is the basis for capital allocation and planning decisions.
Strategy and business model
Porvair's strategic purpose is the development of specialist filtration,
laboratory and environmental technology businesses for the benefit of all
stakeholders. Principal measures of success include consistent earnings growth
and selected ESG measures. During the year, the strategy has been reviewed,
continuing to build on the many strengths of the Group, while further
accelerating momentum to deliver long-term value. This covers the approach to
market, capital allocation priorities, innovation, operational performance,
and, underpinning all of what we do, continuing to invest in our people and
talent development across the business. Porvair will host a capital markets
event in the second half of the year to provide more detail.
The Group is positioned to benefit from global trends as outlined above.
Porvair businesses have certain key characteristics in common:
· specialist design, engineering or commercial skills are required;
· product use and replacement is mandated by regulation, quality
accreditation or a maintenance cycle; and
· products are typically designed into a system that will have a
long life-cycle and must perform to a given specification.
Orders are won by offering the best technical solutions or commercial service
at an acceptable cost. Technical expertise is necessary in all markets served.
New products are often adaptations of existing designs with attributes
validated in our own test and measurement laboratories. Experience in specific
markets and applications is valuable in building customer confidence. Domain
knowledge is important, as is deciding where to direct resources.
This leads the Group to:
· focus on markets with long-term growth potential;
· look for applications where product use is mandated and
replacement demand is regular;
· make new product development a core business activity;
· establish geographic presence where end-markets require; and
· invest in both organic and inorganic growth.
Therefore:
· Porvair focuses on three operating divisions: Aerospace &
Industrial; Laboratory; and Metal Melt Quality. All have clear long-term
growth drivers;
· our products typically reduce emissions or protect complex
downstream systems and, as a result, are replaced regularly. A high proportion
of our annual revenue is from repeat orders;
· through a focus on new product development, we aim to generate
growth rates in excess of the underlying market through cycle. Where possible,
we build intellectual property around our product developments;
· our geographic presence follows the markets we serve. In the last
twelve months: 44% of revenue was in the Americas; 27% in Continental Europe;
16% in Asia; 11% in the UK; and 2% in Africa. The Group has plants in the US,
UK, Belgium, Germany, Hungary, the Netherlands, India and China. In the last
twelve months: 45% of revenue was manufactured in the US; 26% in the UK; 25%
in Continental Europe; and 4% in Asia; and
· we aim to meet dividend and investment needs from free cash flow
and modest borrowing facilities.
Environmental, Social and Governance ("ESG")
The Board understands that responsible business development is essential for
creating long-term value for stakeholders. Most of the products made by
Porvair are used to the benefit of the environment. Our water analysis
equipment measures contamination levels in water. Industrial filters are
typically needed to reduce emissions or improve efficiency. Aerospace filters
improve safety and reliability. Nuclear filters confine fissile materials.
Metal Melt Quality filters reduce waste and help improve the
strength-to-weight ratio of metal components.
Divisional review
Aerospace & Industrial
2025 2024 Growth
£m £m %
Revenue 83.7 84.2 (1)
Adjusted operating profit* 11.9 11.8 1
Adjusted operating margin %* 14.2% 14.0% 20bps
Operating profit 11.1 10.8 3
* See notes 1 and 2 for definitions and reconciliations.
The Aerospace & Industrial division designs and manufactures a wide range
of specialist filtration products, demand for which is driven by customers
seeking better engineered, cleaner, safer or more efficient operations.
Differentiation is achieved through design engineering; the development of
intellectual property; quality accreditations; and customer service. The
division operates from sites in the UK, US, the Netherlands, Belgium and
India, and its sales are global.
Revenue in the year declined by 1% (flat on constant currency). Aerospace
revenue grew by 4% for the full year, despite being 8% lower in the first
half. Petrochemical sales, which can be lumpy, were 6% lower compared with a
strong comparator last year. The European petrochemical market is expected to
remain subdued in 2026. EFC, which was acquired in December 2023, continues to
perform well. Weakness in the general US industrial market continued but
nuclear demand improved in the second half of the year, finishing 8% up over
prior year. Gasification revenue, which is project related, was down on prior
year. Adjusted operating profit showed 1% growth over prior year and was
impacted by product mix.
Laboratory
2025 2024 Growth
£m £m %
Revenue 66.9 64.4 4
Adjusted operating profit* 10.9 9.5 15
Adjusted operating margin %* 16.3% 14.8% 150bps
Operating profit 10.0 8.7 15
* See notes 1 and 2 for definitions and reconciliations.
The Laboratory division has two operating businesses: Porvair Life Sciences
(including Porvair Sciences, Finneran, Kbiosystems and Ratiolab) and Seal
Analytical. The division operates from sites in the UK, US, Germany, Hungary,
the Netherlands and China, and its sales are global.
· Porvair Life Sciences manufactures laboratory filters, small
instruments and associated consumables, for which demand is driven by sample
preparation in analytical laboratories. Differentiation is achieved through
proprietary manufacturing capabilities; control of filtration media; and
customer service.
· Seal Analytical supplies instruments and consumables to
environmental laboratories, for which demand is driven by water quality
regulations. Differentiation is achieved through consistent new product
development focused on improving detection limits and improving laboratory
automation.
Revenue growth of 4% (5% on constant currency) was driven by steady progress
across the end markets, with the environmental end market growing 9% over
prior year. Several new product developments in Seal Analytical, Porvair
Sciences and Kbiosystems were launched during the year, with good early
interest from the market, which should be promising for the coming year and
beyond. The adjusted operating profit grew 15%, with a 150bps improvement in
operating margin, driven by improved operational focus and continued
investment in automation and capacity across the businesses.
Metal Melt Quality
2025 2024 Growth
£m £m %
Revenue 43.4 44.1 (1)
Adjusted operating profit* 6.6 5.9 12
Adjusted operating margin %* 15.2% 13.4% 180bps
Operating profit 6.6 5.9 12
* See notes 1 and 2 for definitions and reconciliations.
The Metal Melt Quality division manufactures filters for molten aluminium,
ductile iron and nickel-cobalt alloys. It has a well-differentiated product
range based on patented products and extensive experience in melt quality
assessment. Following the acquisition of Drache in January 2026, the division
operates from sites in the US, Germany and China, and its sales are global.
Revenue declined 1% (1% up on constant currency), while adjusted operating
profit increased by 12%. Demand within the auto, truck and agriculture end
markets, which represent a smaller part of the Group, was lower, although
sales picked up in the second half of the year. This reduction was partially
offset by increased aluminium cast house demand and strong demand for
superalloys. The operations in China continued to improve in a year affected
by increased geopolitical uncertainty and the current tariff environment, and
delivered modest profit growth on prior year.
The £5.5m investment in the Group's aluminium cast house production
capabilities in Hendersonville is progressing to plan and remains on track to
complete in the first half of 2026. These assets require replacement on a
20-25 year cycle and will increase capacity, lower unit costs and reduce
carbon emissions.
On 12 January 2026, the Group announced the acquisition of Drache. Founded in
1984, Drache is a molten metal filtration business in Diez, Germany. This
acquisition is a strong strategic fit with our Metal Melt Quality division,
bringing complementary products and engineering experience, while expanding
the divisions global reach with a new European base alongside its American and
Asian operations. Drache's unaudited 2025 revenue is expected to be
approximately €20m.
These investments will position the Group well to benefit from growing global
demand for aluminium filtration. This global growth trend is underpinned by
the infinite recyclability of aluminium; its strength-to-weight benefits for
use in transportation; the replacement of plastic and steel with aluminium;
and the energy efficiency of cast house recycling compared to primary
production.
Dividends
The Board is recommending a final dividend of 4.5 pence per share, at a value
of £2.1m (2024: 4.2 pence per share, at a value of £1.9m). The full year
dividend increases by 6% to 6.7 pence per share, a value of £3.1m (2024: 6.3
pence per share, a value of £2.9m).
Current trading and outlook
Porvair delivered record revenue, profit and margin in 2025, despite mixed
trading conditions across our end markets. As expected, aerospace demand
increased in the second half of the year, while petrochemical sales slowed,
and industrials remained mixed. The laboratory end markets showed steady
progress throughout the year, with environmental demand continuing to improve.
Overall, the Group delivered another year of progress despite economic
uncertainty and end-market inconsistency. This performance demonstrates the
resilience and quality of our business, together with agility in managing
near-term macro-economic uncertainty.
The Group's long-term fundamental demand drivers have not changed and Porvair
remains well positioned to take advantage of tightening environmental
regulation; the growth of analytical science; the need for clean water; the
development of carbon-efficient transportation; the replacement of plastic and
steel by aluminium; and the drive for manufacturing process quality and
efficiency. It is these trends, and Porvair's business model, that have driven
the Group's consistent longer-term track record.
In the near-term there is much to look forward to in 2026, including welcoming
the team at Drache to the Group; continuing to drive operational performance;
new product introductions in aerospace, Seal Analytical and Porvair Life
Sciences; the installation of our new manufacturing line for aluminium
filtration; and industrial demand recovery. The Board remains committed to a
strategy of organic and inorganic growth and is optimistic about the future.
Hooman Caman Javvi
Group Chief Executive
Financial review
Group results
2025 2024 Growth
£m £m %
Revenue 194.0 192.6 1
Operating profit 24.5 22.8 7
Profit before tax 23.3 20.9 11
Profit after tax 18.2 16.6 10
Revenue was 1% higher on a reported currency basis and 2% higher at constant
currency (see note 1). Operating profit was £24.5m (2024: £22.8m) and profit
before tax was £23.3m (2024: £20.9m). Profit after tax was £18.2m (2024:
£16.6m). An operating review, together with a review of divisional
performance, is included in the Operating review above.
Alternative performance measures - Group profit
The Group presents alternative performance measures to support the
understanding of its trading performance (see note 1).
Adjusted profit excludes £1.6m (2024: £1.7m) for the amortisation of
acquired intangible assets and £0.1m (2024: £nil) for costs incurred in
relation to the acquisition of the 100% share capital of Drache Umwelttechnik
GmbH, which completed after the reporting date on 12 January 2026:
2025 2024 Growth
£m £m %
Adjusted operating profit 26.2 24.5 7
Adjusted profit before tax 25.1 22.7 11
Adjusted profit after tax 19.5 17.9 9
Impact of exchange rate movements on performance
The international nature of the Group's business means that relative movements
in exchange rates can affect reported performance. The rates used for
translating the results of overseas operations were:
2025 2024
Average rate for translating the results:
US$ denominated operations $1.31:£1 $1.28:£1
Euro denominated operations €1.17:£1 €1.18:£1
Closing rate for translating the balance sheet:
US$ denominated operations $1.33:£1 $1.27:£1
Euro denominated operations €1.14:£1 €1.20:£1
During the year, the Group experienced a £2.4m (2024: £4.2m) year-on-year
reduction in revenue from the net movement in the exchange rates used to
retranslate the results of overseas operations (note 1) and a £1.1m loss on
the retranslation of overseas net assets (2024: £1.6m).
During the year, the Group sold US$24.9m (2024: US$29.8m) at a net rate of
US$1.29:£1 (2024: US$1.26:£1) and sold €7.7m (2024: purchased €3.8m) at
a net rate of €1.17:£1 (2024: €1.20:£1). At 30 November 2025, the Group
had US$3.0m (2024: US$4.0m) of outstanding forward foreign exchange contracts;
hedge accounting has not been applied to these contracts.
Net finance costs
Net finance costs comprise interest income on deposits, interest on
borrowings, lease liabilities, and the Group's retirement benefit obligations,
together with the cost of unwinding discounts on provisions. The Group also
incurs undrawn commitment fees on the Group's available banking facilities.
Net finance costs of £1.2m (2024: £1.9m) decreased in the year following the
repayment of borrowings in the prior year. Interest cover from operating
profit was 21 times (2024: 12 times). Interest cover from operating profit on
net bank finance costs only was 156 times (2024: 33 times).
Tax
The total Group tax charge for the year was £5.1m (2024: £4.3m), including
the tax effect of the adjusting items set out in note 1. The adjusted tax
charge was £5.5m (2024: £4.8m), with the effective rate of income tax on
adjusted profit before tax at 22% (2024: 21%).
The Group has current tax provisions of £0.2m (2024: £1.6m), which includes
£0.8m (2024: £0.9m) for uncertainties relating to the interpretation of tax
legislation in the Group's operating territories, offset by payments on
account and amounts recoverable for overpayments of tax.
The Group carries a deferred tax asset of £nil (2024: £0.1m) and a deferred
tax liability of £4.9m (2024: £3.7m). Deferred tax assets relate principally
to retirement benefit obligations and share-based payments. The deferred tax
liability relates to accelerated capital allowances, acquired intangible
assets arising on consolidation and other timing differences.
Cash flow, cash and net debt
The table below summarises the cash flow for the year:
2025 2024
£m £m
Operating cash flow before working capital 33.0 31.7
Working capital movement (1.6) (3.8)
Post-employment benefits (2.2) (2.2)
Cash generated from operations 29.2 25.7
Interest (0.2) (0.7)
Tax (5.1) (3.4)
Capital expenditure (7.7) (5.1)
16.2 16.5
Acquisitions (net of cash acquired) - (10.2)
Share issue proceeds - 0.6
Purchase of Employee Benefit Trust shares (0.9) (0.7)
Dividends (3.0) (2.8)
Repayment of lease liabilities (3.2) (3.5)
Increase/(decrease) in cash 9.1 (0.1)
Net cash/(debt) reconciliation 2025 2024
£m £m
Net (debt)/cash at 1 December (3.7) 0.7
Increase/(decrease) in cash 9.1 (0.1)
Decrease/(increase) in lease liabilities 3.2 (4.4)
Exchange (0.2) 0.1
Net cash/(debt) at 30 November 8.4 (3.7)
Cash and cash equivalents 22.9 13.7
Lease liabilities (14.5) (17.4)
Net cash/(debt) at 30 November 8.4 (3.7)
Cash generation is central to the Group's business model. Cash generated from
operations was £29.2m (2024: £25.7m). Working capital increased by £1.6m
(2024: £3.8m) and remained at 17% of revenue (2024: 17%).
Capital expenditure on property, plant and equipment was £7.7m (2024:
£5.1m), with the Group continuing to invest in a range of capital projects
across all three divisions with an emphasis on automation, productivity and
capacity. The £5.5m capital investment for the update and expansion of the
Group's aluminium cast house production capabilities in Hendersonville, US, is
progressing to plan, with a further £3.0m spent during the year (2024:
£1.0m). The project remains on track and is expected to complete in the first
half of 2026.
The Group started the year with cash and cash equivalents of £13.7m and
finished the year with £22.9m, having invested £7.7m in capital expenditure
(2024: £5.1m).
Bank borrowings at 30 November 2025 were £nil (2024: £nil). As at 30
November 2025, the Group had €20.0m/£17.5m (2024: €19.6m/£16.3m) of
unused credit facilities and an unutilised £2.5m (2024: £2.5m) net overdraft
facility.
Return on capital employed
The Group's return on capital employed was 14.4% (2024: 14.6%). Excluding the
impact of goodwill, acquired intangible assets and retirement benefit
obligations, the return on operating capital employed was 34.5% (2024: 36.0%).
Retirement benefit obligations
Retirement benefit obligations measured in accordance with IAS 19 Employee
Benefits were £3.3m (2024: £5.9m). The Group supports its defined benefit
pension scheme in the UK ("the Plan"), which is closed to new entrants, and
provides access to defined contribution schemes for its other employees. The
Plan's liabilities decreased in the year to £29.7m (2024: £31.3m), whilst
Plan assets increased to £26.5m (2024: £25.5m). Following a change in
financial and demographic assumptions, a net of tax actuarial gain of £0.5m
(2024: loss £0.1m) was recognised within the statement of comprehensive
income. Cash contributions paid to the Plan were £2.6m (2024: £2.6m), which
included a deficit recovery payment of £2.1m (2024: £2.1m).
The Plan's triennial actuarial valuation was completed in the year based on
the position at 31 March 2024. Following the valuation, the Group agreed to
maintain deficit recovery payments of £2.1m per annum. This funding position
will be reviewed once again, in line with standard procedures, at the time of
the 31 March 2027 triennial actuarial.
Total equity
Total equity at 30 November 2025 was £167.7m (2024: £153.3m), an increase of
9% over the prior year. The net increase in total equity includes profit after
tax of £18.2m (2024: £16.6m), a net of tax actuarial gain of £0.5m (2024:
loss £0.1m), together with the £1.1m exchange loss (2024: £1.6m) on the
retranslation of foreign subsidiaries.
Events after the reporting date
On 12 January 2026, the Group acquired 100% of the share capital of Drache
Umwelttechnik GmbH on a cash free, debt free basis and subject to an agreed
level of working capital. Cash consideration of £17.8m was paid in January
2026.
Further detail is provided in note 7.
Finance and treasury policy
The treasury function at Porvair is managed centrally, under Board
supervision. It seeks to limit the Group's trading exposure to currency
movements. The Group does not hedge against the impact of exchange rate
movements on the translation of profits and losses of overseas operations. The
Group finances its operations through share capital, retained profits and,
when required, bank borrowings. It has adequate facilities to finance its
current operations and capital plans for the foreseeable future.
James Mills
Group Finance Director
Consolidated income statement
For the year ended 30 November
2025 2024
Continuing operations Note £'000 £'000
Revenue 1,2 193,977 192,639
Cost of sales (125,320) (127,534)
Gross profit 68,657 65,105
Distribution costs (3,722) (3,524)
Administrative expenses (40,471) (38,784)
Adjusted operating profit 1,2 26,236 24,540
Adjustments:
Amortisation of acquired intangible assets (1,633) (1,743)
Other acquisition-related costs (139) -
Operating profit 1,2 24,464 22,797
Finance income 93 51
Finance costs (1,267) (1,936)
Profit before tax 23,290 20,912
Adjusted income tax expense 1 (5,538) (4,751)
Adjustments:
Tax effect of adjustments to operating profit 418 441
Income tax expense (5,120) (4,310)
Profit for the year 18,170 16,602
Profit attributable to:
- Owners of the parent 18,149 16,479
- Non-controlling interests 21 123
Profit for the year 18,170 16,602
Earnings per share (basic) 3 39.3p 35.8p
Earnings per share (diluted) 3 39.3p 35.8p
Adjusted earnings per share (basic) 3 42.3p 38.6p
Adjusted earnings per share (diluted) 3 42.2p 38.6p
Consolidated statement of comprehensive income
For the year ended 30 November
2025 2024
£'000 £'000
Profit for the year 18,170 16,602
Other comprehensive income/(loss)
Items that will not be reclassified to profit and loss:
Actuarial gain/(loss) in defined benefit pension plans net of tax 456 (64)
Items that may be subsequently reclassified to profit and loss:
Exchange loss on translation of foreign subsidiaries (1,110) (1,566)
Total other comprehensive loss for the year (654) (1,630)
Total comprehensive income for the year 17,516 14,972
Comprehensive income attributable to:
- Owners of the parent 17,495 14,849
- Non-controlling interests 21 123
Total comprehensive income for the year 17,516 14,972
Consolidated balance sheet
As at 30 November
2025 2024
Note £'000 £'000
Non-current assets
Property, plant and equipment 32,630 29,327
Right-of-use assets 13,466 16,433
Goodwill and other intangible assets 87,926 89,792
Deferred tax asset - 84
134,022 135,636
Current assets
Inventories 32,955 31,969
Trade and other receivables 33,690 31,665
Derivative financial instruments 32 7
Cash 22,873 15,838
89,550 79,479
Current liabilities
Trade and other payables (29,538) (27,408)
Bank overdrafts - (2,097)
Current tax liabilities (242) (1,572)
Lease liabilities (2,445) (2,487)
Derivative financial instruments - (40)
Provisions 5 (2,982) (3,256)
(35,207) (36,860)
Net current assets 54,343 42,619
Non-current liabilities
Deferred tax liability (4,933) (3,704)
Retirement benefit obligations (3,335) (5,897)
Other payables (45) (85)
Lease liabilities (11,986) (14,969)
Provisions 5 (385) (346)
(20,684) (25,001)
Net assets 167,681 153,254
Capital and reserves
Share capital 930 930
Share premium account 38,421 38,407
Cumulative translation reserve 8,149 9,259
Retained earnings 120,032 104,530
Equity attributable to owners of the parent 167,532 153,126
Non-controlling interests 149 128
Total equity 167,681 153,254
Consolidated cash flow statement
For the year ended 30 November
2025 2024
Note £'000 £'000
Cash flows from operating activities
Cash generated from operations 6 29,214 25,744
Interest paid (281) (739)
Tax paid (5,100) (3,488)
Net cash generated from operating activities 23,833 21,517
Cash flows from investing activities
Interest received 91 49
Acquisition of subsidiaries (net of cash acquired) (37) (10,204)
Purchase of property, plant and equipment (7,523) (4,839)
Purchase of intangible assets (201) (289)
Proceeds from sale of property, plant and equipment 33 5
Proceeds from sale of share capital of non-controlling interests - 5
Net cash used in investing activities (7,637) (15,273)
Cash flows from financing activities
Proceeds from issue of ordinary shares 14 632
Purchase of Employee Benefit Trust shares (885) (724)
Proceeds of loans and borrowings - 10,721
Repayments of loans and borrowings - (10,721)
Dividends paid to shareholders 4 (2,953) (2,811)
Repayments of lease liabilities (3,237) (3,485)
Net cash used in financing activities (7,061) (6,388)
Net increase/(decrease) in cash and cash equivalents 9,135 (144)
Effects of exchange rate changes (3) (167)
9,132 (311)
Cash and cash equivalents at 1 December 13,741 14,052
Cash and cash equivalents at 30 November 22,873 13,741
Reconciliation of net cash flow to movement in net cash/(debt)
2025 2024
£'000 £'000
Net (debt)/cash at 1 December (3,715) 653
Increase/(decrease) in cash and cash equivalents 9,135 (144)
Net movement in borrowings - -
Lease liabilities additions, exits and accretion of interest 759 (4,994)
Lease liabilities acquired - (2,044)
Lease liabilities interest incurred (741) (811)
Lease liabilities repaid 3,237 3,485
Effects of exchange rate changes (233) 140
Net cash/(debt) at 30 November 8,442 (3,715)
Cash and cash equivalents 22,873 13,741
Lease liabilities (14,431) (17,456)
Net cash/(debt) at 30 November 8,442 (3,715)
Consolidated statement of changes in equity
For the year ended 30 November
Share Cumulative Non-controlling interest
Share capital premium account translation reserve Retained earnings £'000 Total
£'000 £'000 £'000 £'000 equity
£'000
At 1 December 2023 927 37,778 10,825 90,908 - 140,438
Profit for the year - - - 16,479 123 16,602
Other comprehensive loss - - (1,566) (64) - (1,630)
Total comprehensive income for the year - - (1,566) 16,415 123 14,972
Purchase of own shares (held in trust) - - - (724) - (724)
Issue of ordinary share capital 3 629 - - - 632
Share-based payments (net of tax) - - - 742 - 742
Changes in non-controlling interests - - - - 5 5
Dividends paid - - - (2,811) - (2,811)
At 30 November 2024 930 38,407 9,259 104,530 128 153,254
Profit for the year - - - 18,149 21 18,170
Other comprehensive loss - - (1,110) 456 - (654)
Total comprehensive income for the year - - (1,110) 18,605 21 17,516
Purchase of own shares (held in trust) - - - (885) - (885)
Issue of ordinary share capital - 14 - - - 14
Share-based payments (net of tax) - - - 735 - 735
Changes in non-controlling interests - - - - - -
Dividends paid - - - (2,953) - (2,953)
At 30 November 2025 930 38,421 8,149 120,032 149 167,681
Notes
1. Alternative performance measures
Alternative performance measures are used by the Directors and management to
monitor business performance internally and exclude certain cash and non-cash
items to reflect a more consistent measure of underlying trading performance.
The Directors believe that disclosing such non-IFRS measures enables a reader
to isolate and evaluate the impact of such items on results and allows for a
fuller understanding of performance from year-to-year. Alternative performance
measures may not be directly comparable with other similarly titled measures
used by other companies.
Alternative revenue measures
2025 2024 Growth
Aerospace & Industrial £'000 £'000 %
Revenue at constant currency 82,333 82,215 -
Exchange 1,343 2,002
Revenue as reported 83,676 84,217 (1)
Laboratory
Revenue at constant currency 64,599 61,444 5
Exchange 2,285 2,919
Revenue as reported 66,884 64,363 4
Metal Melt Quality
Revenue at constant currency 40,706 40,291 1
Exchange 2,711 3,768
Revenue as reported 43,417 44,059 (1)
Group
Revenue at constant currency 187,638 183,950 2
Exchange 6,339 8,689
Revenue as reported 193,977 192,639 1
Revenue at constant currency is derived from translating overseas subsidiaries
results at fixed constant exchange rates. In 2025 and 2024, the rates used
were US$1.40:£1 and €1.20:£1, compared with reported rates of US$1.31:£1
(2024: US$1.28:£1) and €1.17:£1 (2024: €1.18:£1).
Alternative profit measures
A reconciliation of the Group's adjusted performance measures to the reported
IFRS measures is presented below:
2025 2024
Adjusted Adjustments Reported Adjusted Adjustments Reported
£'000 £'000 £'000 £'000 £'000 £'000
Operating profit 26,236 (1,772) 24,464 24,540 (1,743) 22,797
Finance income 93 - 93 51 - 51
Finance costs (1,267) - (1,267) (1,936) - (1,936)
Profit before tax 25,062 (1,772) 23,290 22,655 (1,743) 20,912
Income tax expense (5,538) 418 (5,120) (4,751) 441 (4,310)
Profit for the year 19,524 (1,354) 18,170 17,904 (1,302) 16,602
An analysis of adjusting items is given below:
2025 2024
Affecting operating profit: £'000 £'000
Amortisation of acquired intangible assets (1,633) (1,743)
Other acquisition-related costs (139) -
(1,772) (1,743)
Affecting tax:
Tax effect of adjustments to operating profit 418 441
Total adjusting items (1,354) (1,302)
Adjusted operating profit excludes:
· the amortisation of intangible assets arising on acquisition of
businesses of £1.6m (2024: £1.7m); and
· other acquisition-related costs of £0.1m (2024: £nil) incurred
in relation to the acquisition of the 100% share capital of Drache
Umwelttechnik GmbH acquired in January 2026. Further details are disclosed in
note 7.
Adjusted earnings before interest; tax; depreciation; and amortisation of
intangible assets ("EBITDA")
The Group's adjusted EBITDA is determined as follows:
2025 2024
£'000 £'000
Operating profit 24,464 22,797
Amortisation of acquired intangible assets 1,633 1,743
Other acquisition-related costs 139 -
Adjusted operating profit 26,236 24,540
Depreciation of property, plant and equipment 3,763 3,576
Depreciation of right-of-use assets 2,604 2,201
Amortisation of other intangible assets 155 184
Impairment of property, plant and equipment - 16
Adjusted EBITDA 32,758 30,517
Return on capital employed
The Group uses two return measures to assess the return it makes on its
investments:
· adjusted post tax return on capital employed of 14.4% (2024:
14.6%) is the tax adjusted operating profit as a percentage of the average
capital employed. Capital employed is the average of the opening and closing
Group net assets less the average of the opening and closing cash and cash
equivalents, and borrowings; and
· adjusted post tax return on operating capital employed of 34.5%
(2024: 36.0%) is calculated on the same basis except that the capital employed
is adjusted to remove the average of the opening and closing goodwill; the
average of opening and closing acquired intangible assets (net of deferred
tax); and the opening and closing retirement benefit obligations (net of
deferred tax) to give a measure of the operating capital.
2. Segment information
The chief operating decision maker has been identified as the Board of
Directors. The Board of Directors has instructed the Group's internal
reporting to be based around differences in products and services, in order to
assess performance and allocate resources. The key profit measure used to
assess the performance of each reportable segment is adjusted operating
profit/(loss). Management has determined the operating segments based on this
reporting.
As at 30 November 2025, the Group is organised on a worldwide basis into three
operating segments:
1) Aerospace & Industrial - principally serving the aviation, and
energy and industrial markets;
2) Laboratory - principally serving the bioscience and environmental
laboratory instrument and consumables market; and
3) Metal Melt Quality - principally serving the global aluminium, iron
foundry and superalloys markets.
Other Group operations' costs, assets and liabilities are included in the
"Central" division. Central costs mainly comprise Group corporate costs,
including new business development costs, some research and development costs
and general financial costs. Central assets and liabilities mainly comprise
Group retirement benefit obligations, tax assets and liabilities, cash and
cash equivalents, and borrowings.
The segment results for the year ended 30 November 2025 are as follows:
Aerospace & Industrial Metal Melt Quality
Laboratory Central Group
£'000 £'000 £'000 £'000 £'000
Total segment revenue 83,712 68,320 43,417 - 195,449
Inter-segment revenue (36) (1,436) - - (1,472)
Revenue 83,676 66,884 43,417 - 193,977
Adjusted operating profit/(loss)
11,865 10,860 6,624 (3,113) 26,236
Adjustments:
Amortisation of acquired intangible assets
(777) (856) - - (1,633)
Other acquisition-related costs
- - - (139) (139)
Operating profit/(loss) 11,088 10,004 6,624 (3,252) 24,464
Finance income - - - 93 93
Finance costs - - - (1,267) (1,267)
Profit/(loss) before tax 11,088 10,004 6,624 (4,426) 23,290
The segment results for the year ended 30 November 2024 are as follows:
Aerospace Metal Melt Quality
& Industrial Laboratory Central Group
£'000 £'000 £'000 £'000 £'000
Total segment revenue 84,266 65,840 44,059 - 194,165
Inter-segment revenue (49) (1,477) - - (1,526)
Revenue 84,217 64,363 44,059 - 192,639
Adjusted operating profit/(loss)
11,804 9,503 5,917 (2,684) 24,540
Adjustments:
Amortisation of acquired intangible assets
(958) (785) - - (1,743)
Operating profit/(loss) 10,846 8,718 5,917 (2,684) 22,797
Finance income - - - 51 51
Finance costs - - - (1,936) (1,936)
Profit/(loss) before tax 10,846 8,718 5,917 (4,569) 20,912
The segment assets and liabilities at 30 November 2025 are as follows:
Aerospace & Industrial Metal Melt Quality
Laboratory Central Group
£'000 £'000 £'000 £'000 £'000
Segmental assets 86,731 72,388 39,343 2,237 200,699
Cash - - - 22,873 22,873
Total assets 86,731 72,388 39,343 25,110 223,572
Segmental liabilities (26,096) (11,936) (6,452) (8,072) (52,556)
Retirement benefit obligations - - - (3,335) (3,335)
Bank overdrafts - - - - -
Total liabilities (26,096) (11,936) (6,452) (11,407) (55,891)
The segment assets and liabilities at 30 November 2024 are as follows:
Aerospace Metal Melt Quality
& Industrial Laboratory Central Group
£'000 £'000 £'000 £'000 £'000
Segmental assets 87,154 73,447 36,477 2,199 199,277
Cash - - - 15,838 15,838
Total assets 87,154 73,447 36,477 18,037 215,115
Segmental liabilities (26,604) (12,585) (6,573) (8,105) (53,867)
Retirement benefit obligations - - - (5,897) (5,897)
Bank overdrafts - - - (2,097) (2,097)
Total liabilities (26,604) (12,585) (6,573) (16,099) (61,861)
Geographical analysis
2025 2024
Revenue By destination By destination
£'000 By origin £'000 By origin
£'000 £'000
United Kingdom 21,763 51,161 20,180 51,714
Continental Europe 53,188 48,315 54,025 48,652
United States of America 78,950 86,317 77,731 87,008
Other North America 3,799 - 4,926 -
South America 1,902 - 1,826 -
Asia 31,184 8,184 31,359 5,265
Africa 3,191 - 2,592 -
193,977 193,977 192,639 192,639
3. Earnings per share ("EPS")
2025 2024
As reported Earnings Weighted average number of shares Per share Earnings Weighted average number of shares Per share
£'000 Pence £'000 Pence
Profit for the year - attributable to owners of the parent
18,149 16,479
Shares in issue 46,497,038 46,399,931
Shares owned by the Employee Benefit Trust
(367,660) (355,411)
Basic EPS 18,149 46,129,378 39.3 16,479 46,044,520 35.8
Dilutive share options outstanding
- 34,555 - - 5,762 -
Diluted EPS 18,149 46,163,933 39.3 16,479 46,050,282 35.8
In addition to the above, the Group also calculates an EPS based on adjusted
profit as the Board believes this to be a better measure to judge the progress
of the Group, as discussed in note 1.
The following table reconciles the Group's profit to adjusted profit used in
the numerator in calculating adjusted EPS:
2025 2024
Adjusted Earnings Weighted average number of shares Per share Earnings Weighted average number of shares Per share
£'000 Pence £'000 Pence
Profit for the year - attributable to owners of the parent
18,149 16,479
Adjusting items (note 1) 1,354 1,302
Adjusted profit -attributable to owners of the parent
19,503 17,781
Adjusted Basic EPS 19,503 46,129,378 42.3 17,781 46,044,520 38.6
Adjusted Diluted EPS 19,503 46,163,933 42.2 17,781 46,050,282 38.6
4. Dividends per share
2025 2024
Per share Per share
Pence £'000 Pence £'000
Final dividend paid - in respect of prior year 4.2 1,939 4.0 1,842
Interim dividend paid - in respect of current year 2.2 1,014 2.1 969
6.4 2,953 6.1 2,811
The Directors recommend the payment of a final dividend of 4.5 pence per share
(2024: 4.2 pence per share) to be paid on 8 June 2026 to shareholders on the
register on 1 May 2026; the ex-dividend date is 30 April 2026. This makes a
total dividend for the year of 6.7 pence per share (2024: 6.3 pence per
share).
5. Provisions
Dilapidations Warranty Total
£'000 £'000 £'000
At 1 December 2024 346 3,256 3,602
Additional charge in the year - 403 403
Utilisation of provision - (188) (188)
Release of provision - (464) (464)
Unwinding of discount 39 - 39
Exchange - (25) (25)
At 30 November 2025 385 2,982 3,367
Provisions arise from potential claims on major contracts, sale warranties,
and discounted dilapidations for leased property. Matters that could affect
the timing, quantum and extent to which provisions are utilised or released,
include the impact of any remedial work, claims against outstanding
performance bonds, and the demonstrated life of the filtration equipment
installed. The outflow of economic benefits in relation to warranty provisions
is expected to be within one year, whilst the outflow on dilapidations is
expected to be greater than one year.
2025 2024
Analysis of total provisions £'000 £'000
Current 2,982 3,256
Non-current 385 346
Net book value at 30 November 3,367 3,602
6. Cash generated from operations
2025 2024
£'000 £'000
Operating profit 24,464 22,797
Adjustments for:
Depreciation of property, plant and equipment 3,763 3,576
Depreciation of right-of-use assets 2,604 2,201
Amortisation of acquired intangible assets 1,633 1,743
Amortisation of other intangible assets 155 185
Impairment of property, plant and equipment - 16
Gain on exit of lease (180) -
(Gain)/loss on disposal of assets (32) 184
Fair value movement of derivatives through profit and loss (65) 283
Share-based payments 665 751
Operating cash flows before movement in working capital 33,007 31,736
(Increase)/decrease in inventories (1,196) 548
Increase in trade and other receivables (2,456) (7,161)
Increase in trade and other payables 2,259 2,876
Decrease in provisions (199) (27)
Increase in working capital (1,592) (3,764)
Post-employment benefits (2,201) (2,228)
Cash generated from operations 29,214 25,744
7. Events after the reporting date
Following the year-end, on 12 January 2026 the Group acquired 100% of the
share capital of Drache Umwelttechnik GmbH ("Drache"). Founded in 1984 and
headquartered in Diez, Germany, Drache is active in the development,
manufacture, and distribution of filters, consumables, and equipment for the
molten metal industry, and is a leading supplier to the aluminium filtration
market. Drache will join the Group's Metal Melt Quality division, bringing
complementary products and engineering experience, while expanding the
division's global reach with a new European base alongside its American and
Asian operations.
The acquisition is on a cash free, debt free basis and subject to an agreed
level of working capital. Cash consideration of £17.8m was paid after the
year-end in January 2026.
In accordance with the sale and purchase agreement, completion accounts are
not required until after the date of approval of these financial statements.
Adjustments have not yet been made to the net assets acquired to reflect their
fair values, including the recognition of acquired intangible assets separable
from goodwill. The provisional values for consideration and net assets
acquired will be determined in future in accordance with IFRS 3 Business
Combinations and the sale and purchase agreement. Due to the proximity of the
acquisition date to the date these financial statements were authorised for
issue, the initial accounting for the business combination is incomplete and
so the disclosures required by IFRS 3 Business Combinations cannot be made at
this stage.
8. Basis of preparation
Porvair plc is a public company limited by shares incorporated in the UK under
the Companies Act 2006 and listed on the London Stock Exchange. The results
for the year ended 30 November 2025 have been prepared in accordance with the
Companies Act 2006 and UK-adopted International Accounting Standards. The
financial information contained in this announcement does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006. The
financial information has been extracted from the financial statements for the
year ended 30 November 2025, which have been approved by the Board of
Directors and on which the Auditors have reported without qualification. The
financial statements will be delivered to the Registrar of Companies after the
Annual General Meeting. The financial statements for the year ended 30
November 2024, upon which the Auditors reported without qualification, have
been delivered to the Registrar of Companies.
9. Annual general meeting
The Company's Annual General Meeting will be held at 11.00 a.m. on Tuesday 14
April 2026 at the offices of Burson Buchanan, Rose Court, 2 Southwark Bridge
Road, London, SE1 9HS.
10. Responsibility statement
Each of the Directors confirms, to the best of their knowledge, that:
· the financial statements, on which this announcement is based,
have been prepared in accordance with the Companies Act 2006 and UK-adopted
International Accounting Standards, and give a true and fair view of the
assets, liabilities, financial position, and profit or loss of the Company and
the undertakings included in the consolidation taken as a whole; and
· the review of the business includes a fair review of the
development and performance of the business and the position of the Company
and the undertakings included in the consolidation taken as a whole, together
with a description of the principal risks and uncertainties that they face.
The Directors of Porvair are listed in the Porvair Annual Report &
Accounts for the year ended 30 November 2024. Since the publication of the
Annual Report for the year ended 30 November 2024, Lisa Anson joined the Board
on 1 October 2025 and Sally Martin retired from the Board on 4 November 2025.
Hooman Caman Javvi joined the Group on 6 January 2025 as Chief Executive
designate and assumed the role of Chief Executive Officer on the retirement of
Ben Stocks, following the Company's AGM on 15 April 2025. A list of current
Directors is maintained on the Porvair plc website, www.porvair.com
(http://www.porvair.com) . The Annual Report & Accounts for the year ended
30 November 2025 will be made available in March 2026 on www.porvair.com
(http://www.porvair.com) .
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR UPURUPUPQGPM
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Porvair
See all newsREG - Porvair PLC - Director/PDMR Shareholding
AnnouncementREG - Porvair PLC - Director/PDMR Shareholding
AnnouncementREG - Porvair PLC - Director/PDMR Shareholding
AnnouncementREG - Porvair PLC - Full Year Results
AnnouncementREG - Porvair PLC - Holding(s) in Company
Announcement