Porvair ("PRV") is in a similar market to Dyson Group, that is high tech materials and components. It's 5 year high was 428p and low was 80p. It's been on the up for most of 2003 and is currently on a somewhat fitful uptrend.

I've added this to my high-tech portfolio because I believe that the market for their type of product is going to expand rapidly. Their market cap is similar to DYS as is their turnover per share, just a little less in both instances. Just like DYS, they pay a reasonable dividend.

I am in for medium term, I don't believe this is a trader's stock but DYOR etc.

All opinions welcomed and gratefully received.

"COMPANIES UK: We are living in the materials world
By David Blackwell
Financial Times; Jul 14, 2003


Waterproof socks from Kings Lynn and a builders' yard in Sheffield are the last things the bosses of two of the UK's most go-ahead materials technology companies want to talk about.

They prefer instead to talk about fuel cells and high speed computer disk drives. Those are the markets that have been identified as key to the future of Porvair and Dyson as they move away from old industries in declining markets.

Porvair seems to have grabbed all the attention. It has been spending the cash from its polyurethane membrane division (maker of the waterproof socks) and its filtration business on research and development for high-technology materials to be used in fuel cells.

At the same time Dyson has been spending the cash from its builders' yard, a hangover from the days of family control, and its refractories division on finding new uses for its chemical fibres. An acquisition two years ago of a small materials business in Tennessee has put it at the forefront of hard disk drive research......."

revenues.http://search.ft.com/search/article.html?id=030714000103&query=dyson+porvair&vsc_appId=totalSearch&state=Form

vasey
Is this one of yours? I thought I'd stolen a march on you with Porvair.

Nope, not one of mine. Looked at all the candidates in this market and plumped for just the one. I'm interested in what you turn up however.....!!

Socs - are you still in this one?
Any views appreciated, last results read well.

stockbunny
I'm not in PRV at present but it does seem to have staged a rapid rise lately. I need to do some more research on it's products before I go back in but the chart looks interesting.

What indicates a recovery in this company,which is so much reduced in div.payments and assets since 2001.Iknow very little about it,but have seen it tipped recently.Can one of you big boys elucidate?Thanks,Ethel.

Have a look at what we have said about PRV over on Canadian Coal.I would like to learn more about Porvair's fuel cell bipolar plate technology .What are porous metals and how do they integrate with the previous mentioned and with filters?It seems that this company is working on technologies that benefit the environment,am I correct.This makes buying the shares even more tempting.Remember,the profit last year was only 0.3mlnstr on 46.2mln turnover.The weak dollar affected them badly in 2004.But,they promised "highly promising new products" in the results November.Any ideas,anyone?

ethel
Have a look at this site, with a bit of reading you can learn a lot about fuel cells and the technology behind them.

http://www.fuelcells.org/

Thanks...Ethel

Found the thread Ethel. I'm not a mining engineer, just Electrical/Mechanical although many years ago I worked on the Selby Coal mines (Yorkshire)at different locations. In my youth I worked on fluidising with PVC granules for hot dip coatings. Enough of that. IMO, for fuel cells to take off, they must be adopted in motor vehicles. There are already prototypes on the highways in California. Unfortunately, we have the same problems for this adoption as getting propane (LGP) fuel accepted for road fuel. You need special pressurised tankage which takes up a lot of room in a vehicle. In essence, whatever liquid gas the industry goes for, it has to stay under pressure otherwise it turns to gas and requires far more volume for storage. As with LPG at the moment (36p/litre??), where would you re-fill your (methane?)tank?? We have some LPG fill-ups near to us but we also have two oil refineries conveniently on our doorstep with a major Calor Gas depot.

Dreaming ahead, in my youth, there was scepticism that someone had invented an engine that ran on water but the oil moguls kept it secret. What if someone invented a process that took the hydrogen out of water (instead of a gas)to use in the fuel cell then reformed it back to water as waste?? A simple lead acid battery converts water in the electrolyte to hydrogen and oxygen at its electrical nodes, seems almost too simple doesn't it??

Hi Deanscroft, Ethel
Alternative fuels for road vehicles in terms of econony is I think a forgone conclusion, Paccar group the showcase HGV manufacturer in the states is already producing dual-fuel trucks using gas and derv they are also well down the line towards introducing fuelcell powered vehicles with an agressive evaluation program in place with the leading fuelcell companies. When you further consider that Paccar own Peterbuilt, Kenningworth, DAF, Leyland, Foden (who also produce dualfuel trucks in the UK)their market share is enormous. If only Porvair could become a presence in the arena

Hello there!My target for PRV is 160pI have also been having a look at HYR Hydrodec.Fascinating technology and great for the green/anorak shareholder,which I was accused of being on one message board,last week!!!The IPO was'nt long ago,but the chart looks quite nicely settled .Anyone interested on a separate thread for this one?Thanks for coming to share your knowledge,Deancroft.Ethel

Hi everyone. I've been reading more about fuel cells and it looks like it could be a while before it all takes off. Practical limitations like fuel storage, hydrogen conversion (so many ways to make it!!) and precious metals for the bi-polar plates means there is still a lot of head scratching to do. Meanwhile, IMO the bio-diesel companies are going to have their moment. Planning permission has been granted for one here in Humberside nested between two oil refineries, Conoco and Total. They supply the utilities, in return the bio plant supplies the refineries with a diesel additive (from rape seed)which earns them a tax break and the lucky motorist pays for the eco friendly product with no tax break I reckon. Several companies appearing to do more of this, South Africa and Saudi Arabia (I was there '83 to '89) mentioned as places for production. HYR is a little different in that I suspect a lot of their business is associated with lubricants and insulating oils (transformers and switchgear, lots of old stuff about) cleaned and refined for further sales. Not a shareholder in bio/eco yet, waiting to see how WHOG goes on launch day this Friday and waiting for SEO to wake up again.

Make your own....log on to WWW.biolyle.com.Good Luck..Ethel

Seen it Ethel, I think if we bought a 45 gallon drum of methanol(very toxic!!) we'd have HSE and the VAT man knocking on the door.

It's about time for this one to move up,chart looks nice and there is plenty of upside.

I'm in....check out today's news.Also tipped by shares mag.Plenty of upside.
LOL...!!!

See what I mean..?

Some good news to shake PRV out of its slumber...

LONDON (AFX) - Porvair PLC said it has signed a supply agreement with Parker Hannifin Corp, an aviation component manufacturer, to supply filtration systems for Parker's aircraft fuel tank systems.

These will be fitted to a range of commercial aircraft from the middle of 2006, Porvair said.

The deal will generate at least 3 mln usd revenue in the first five years.

Up another 9% today - things are starting to happen here...

A good day yesterday. This is slowly building momentum.

It's been very quiet on this thread for a while now and the SP has stagnated but good results today and a good push higher:

Preliminary results for the year ended 30 November 2005.


Highlights

Profit before tax, exceptional items and goodwill amortisation is up 18% at
3.0m (2004: 2.6m). Profit before tax is 0.87m (2004: 0.33m).

Earnings per share increased by 26% to 4.3p (2004: 3.4p) before goodwill
amortisation and exceptional items. Taken after goodwill and exceptional
items, losses per share reduced by 45% to 1.1p (2004: 2.0p loss).

The core specialist filtration businesses have performed well with
operating profits before goodwill amortisation and exceptional items up by
29% to 5.0m (2004: 3.9m).

Good technical progress has been made in all the key growth opportunities
of the Group.

First set of coal gasification filters delivered and orders for three
more pilot plants received from new customers.
Sales of aircraft on board fuel-tank inerting filters are expected to
start in 2006.
Diesel exhaust filter substrates are in pre-production scale-up
trials.
The latest generation of low cost fuel cell plates has shown excellent
process capability in manufacturing and is now in qualification
trials.

Recommended final dividend increased to 1.05p (2004: 1.0p) per share.

Broken its resistance. Where to now I wonder?

Well, in answer to my last post, onwards & upwards! Nice end to today rising 3% and more new highs for the year.

Up another 10p yesterday. Is no-one else enjoying this particular ride upwards?

Solid if unspectacular results today - a business which is beginning to show the benefits of investment in R&D over the last few years. Some parallels in my mind with Domnic Hunter and MTL Instruments, both former favourites of mine and both of which were subsequently taken over large by US companies. In my view one for the patient - I first bought a few months ago at just under 1 and have doubled my holding today at 93p.Always DYOR

Encouraging update announced at AGM today. Early 2009 saw collapse of a large part of their USA business. Drastic action taken, but unable to offset significant loss there. Overall, however, the group remained profitable and cash generative during that time, which imo reflects creditably on the management and first signs of recovery now showing. Dividend also maintained, which suggests a degree of confidence in 2010. Currently holding at over 30% loss and tempted to average down but always DYOR.

Bit lonely on here, but this has been a storming performer last 6 months and hope some of you hold. Results due later this month will need to be good, but all indications are that they should not disappoint and my faith in the sector restored! Always dyor.

Hi partridge, I bought PRV shares last August at 66p so I am well pleased. I thought these were a bit of a sleeper at the time given the new filtration products the Company was introducing. Looks like all the research is beginning to pay off. Results later this month are expected to be good and hopefully we will see a nice rise in the dividend.sp currently 127p and still plenty of pi buying interest, looking at today's trades.

Encouraging statement at AGM today.IMO a firm hold within ISA, but always DYOR

RNS interim management statement says profits well ahead of last year, probably a buying opportunity at 88p.

Socrates - can you put a chart in the header please.

Pre-close statement suggests all is still well at PRV. Always dyor.

We are 20% up on this one with more to come, thanks partridge for bringing PRV to our attention.

Appreciated, Halifax, thanks. In PRV for the long haul myself, but at least now in respectable notional profit overall. As a glass half full type of person, I feel that the present Eurozone uncertainties will eventually be sorted out one way or the other (probably the latter!) and hopefully PRV will benefit as/when the market settles down. It is not particularly cheap on fundamentals, but medium term prospects look good and I have comfortable feeling on this one.

Decent results today and prospects also encouraging. Very good cash generation means debt down to fairly minimal levels despite sales growth. Margins still disappointing on metals filtration side, but improving. Mine locked away in ISA, but always DYOR

partridge do you have a target price?

Halifax - I normally tend to invest in what I believe to be decent quality smaller/medium sized buinesses for the longer term, so generally very much a buy and hold type. Only occasionally am I tempted in to the really high risk areas - many years has taught me that chasing rainbows is a sure way to lose money. Average PRV purchase price now around 80p. My strategy tends to vary a bit, depending on both the quality of the investment and the amount involved - I am quite heavily into PRV by my standards, so would consider selling half if the price reached 130p. If they continue to grow profits, generate strong cash flow and increase dividend, then history tells me to hold on (e.g JHD,HLMA,BAG,) as one day I think they will fall victim to US predator at significant premium.

Inclined to agree our TP excluding any takeover premium is 125p.

Excellent interim management statement sales and orders well up on last year profits likely to exceed management expectations, our TP raised to 140p

RNS new acquisition sp 126p up 5% today.

Recent good run has continued. Tempted to bank some gains, but have a good feel about this one and now likely to wait for interims next month. Recent IMS suggests on my back of the fag packet calculations that EPS could reach 10p this year, so not on the face of it expensive at 132p, but always dyor.

Another decent set of results for 6 months to May 2012 and encouraging to see management expectations for the year now increased. Bit of headwind for the share price recently after strong run in six months to May, but original fag packet eps expectation of 10p this year now looks achievable and I continue to hold. Always dyor.

Bit of activity (and positive price movement) last few days, ahead of IMS due shortly. Augurs well for it, but always dyor.

Excellent IMS this morning - "management expects trading performance to be ahead of market expectations".

what a little gem our 140p target already exceeded.

Tempting to bank a sizeable profit, but with mention in the IMS of the large POSCO contract in the higher margin filtration business starting to generate revenues in the final quarter of this year (previously stated as min $10m by end 2013) this still looks decent value to me. Always DYOR.

Holding up very well in poor market and volumes a bit higher than usual for this time of year - tends to be quiet until year end trading update early in December. Gives a warm feeling, but always dyor.

Early trading update maintains belief in the saying that "good numbers take less time to add up than bad".

SP onwards and upwards, surpassed our target price easily.

Does that mean you sold, Halifax? I have banked a little profit just in case, but PRV remains one of my largest holdings.

More good news today - filters for nuclear remediation contract with UK government. Results to Nov 2012 due shortly and unlikely to disappoint but always dyor.

Excellent results today for year ending 30th Nov. Still quite a small business and whilst "we expect reveune to grow at a more moderate rate in 2013" their work on improving margins in last few years suggests to me that profits may surprise on the upside. Not the bargain it was, but after banking some profit earlier, still locked away in my ISA. Always dyor.

Another possibly very lucrative contract announced today, with Reliance Industries in India. This is not yet a large business and such deals might grow the bottom line quite rapidly. Warm feeling remains, but always dyor.

very much regret selling these with a very satisfactory profit some months ago.

Hitting new highs. Not sure how long it will last, but enjoying the ride.

AGM Statement, IMS and Contract extension

Porvair plc ("Porvair"), the specialist filtration and environmental technology group will today, 16 April 2013, make the following Interim Management Statement at its Annual General Meeting:

Porvair has made a good start to the 2013 financial year. In the four months to 31 March 2013, revenues are around 6% ahead of the same period in the prior year at constant currency and profit before tax is ahead of the prior year.

The outlook for the coming months is encouraging. Order books have strengthened significantly over the period with the addition of an £11m order from the UK government and the contract for gasification filtration announced on 13 February 2013 with Reliance Industries in India. Work is already underway on both projects. In the last few days further modules have been ordered by Reliance Industries, increasing the scope for that project by a quarter. As previously announced the financial impact of this work is expected to be spread over several years.

The Company will be announcing its interim results for the six months ending 31 May 2013 on Monday 24 June 2013.

Continuing its good run, with the benefit of the AGM statement. Revenues for year to Nov 2012 were £76M. The recent new large contracts £11M from UK gov, $10M from POSCO and estimated $37.5M from Reliance Industries will make a big difference, even if they are spread over 3 or 4 years - and with Reliance already increased from estimated $30M (no specific figs given, but said to be three times POSCO) there may more to come. It remains to be seen whether they can handle these big one-offs, and also what margins they produce, but with some similar engineering processes on them I am hoping for good things. Always dyor.

Another solid trading update today, accompanied by promising looking small acquisition. PRV has habit of over delivering in recent years and half year results due later this month should not disappoint. Don't expect too much from the large one-off engineering contracts yet (provisions for warranties likely to defer much of the profit there, but should come through eventually and the cash flow should be good) but core business also looks to be going well. Always dyor.

Decent half year results (eps up 23% on 7% increase in constant currency sales) and growth story remains intact. Large one-off contracts had only marginal effect and these will benefit more in next few years. Looking quite expensive on fundamentals, but "management's expectations for the year have increased". They have a habit of over delivering, so leaving mine in the ISA. Always dyor.

RNS positive trading statement sp up 5% @244p

SP 268P well up ahead of results due end of November, looking good for 300p.

Recent sp uplift perhaps helped by end of Sept announcement of licensing agreement with Thermo Fisher Scientific and another small add on acquisition. Thermo is $35Bn market cap business and a quick look suggests it could buy PRV from loose change if it wished. Results later this month again unlikely to disappoint, but always dyor.

Excellent pre-close trading update today, again over delivered. Not cheap, but mine locked away in the ISA. Always dyor.

Splendid results again today and propsects for 2014 encouraging. Excellent performance over last 5 years. Not cheap, but imo remains good long term value. Always dyor.

A bit of a fall here today.

StockMarketWire.com
Porvair, the specialist filtration and environmental technology group today, 16 September 2014, makes the following Interim Management Statement.

"Porvair continued to trade well. In the nine months to 31 August 2014, at constant exchange rates, revenue was 32% higher than in the first nine months of 2013. Profit before tax, in line with management's expectation, was well ahead of the prior period.

"Revenues in the Microfiltration division were 40% ahead of the prior year. Manufacturing activity on the large POSCO, Reliance Industries and UK Government contracts contributed £17m to revenue during the period.

"Underlying growth, excluding the one off impact of the large projects listed above, was 9%. Aerospace revenue continued to grow steadily and Seal Analytical traded well throughout the period. Order books for the final quarter are healthy.

"Metals Filtration division performed well and revenue, in constant currency, was 15% ahead of the prior year. Market share gains continue to be made, particularly in iron foundry filtration. The new plant in Wuhan, China, is performing as expected and revenue from aluminium filtration in China has been strong.

"£3.9m has been invested during the period in new facilities and additional plant to increase capacity. The new facility in New Milton is on schedule to open around the end of the calendar year and construction has commenced on a plant extension in Caribou. Net debt of £0.3m is significantly lower than at the same time last year."

Another splendid IMS from (imo) a splendid business. Not put a foot wrong in my view over last five years. Not many can grow sales at this rate and still generate enough cash to fund that growth plus also virtually all cap ex. One day, maybe, they will catch the eye of a predator, but happy to hold mine in the ISA for as long as it takes. Always dyor.

StockMarketWire.com
Porvair has won a new contract expected to be worth more than $10m. Its Microfiltration division has signed an agreement with a Chinese state oil company to supply char filtration equipment to a coal-to-substitute natural gas (SNG) gasification project to be built at an oil refinery in Guangdong, China.

Deliveries are expected to commence in 2016 with commissioning during 2017 and 2018.

CEO Ben Stocks commented:
"Gasification filtration is an important market for Porvair and this is another significant contract win. The project uses similar technology to that supplied to POSCO, Reliance and SG Solutions and is similar in scale to the POSCO installation.

"After-market opportunities exist for all four projects, and a set of spares for POSCO will be shipped in 2015."

StockMarketWire.com
Porvair has booked a FY pretax profit of £8.4m, up 10% on the year. Revenue was up 23% to a record £104.0m. It recommended a final dividend of 2p a share, taking the FY to 3.2p a share, up 10%.

CEO Ben Stocks said 2014 finished well and order books going into 2015 were healthy with the fundamentals of the markets in which Porvair operate looking satisfactory.

"All key initiatives are progressing well and new product development pipelines are promising. Capacity investments made in 2014 and planned for 2015 will allow for growth. The Group has a strong balance sheet, a positive start has been made to the year and the Board looks forward with confidence."

Separately, Porvair announced it has secured spares orders with three of its gasification customers to provide filter elements to installations in the USA, India and Korea. In total the orders amount to additional revenue of $5.5m.

Stocks said: "We are pleased to have received initial commissioning spares orders in what we hope will become long term supply arrangements with POSCO of South Korea and Reliance in India to support their gasification installations.

"Our US customer will take delivery of a re-designed set of spares in 2015 that we expect to have a longer operating life. The new design is proprietary and will strengthen our position in this market."

Superb set of results. Increased revenues % ahead of increased profits % primarily because of influence of large contracts, for which revenues skewed towards 2014 and profits spread 2014-2017. These contracts now starting to produce lucrative spares business. Organic growth looks set to continue and one day they may become a nuisance to a major player. Had hoped for bigger dividend in view of strong cash position, but very happy to leave PRV as my largest holding - thankfully all in ISA. Always dyor.

Closer look at Nov 2014 accounts shows "Accruals and Deferred Income" figure of £15.9M. In 2011, i.e. before the large one-off contracts were taken on, this figure was £5.9M and it has risen steadily since. Given that the "Accruals" element should be fairly constant/rise marginally from year to year, the amount of "Deferred Income" looks very substantial - if PRV have done the work as well as they would be expected to and there are minimal warranty claims, then P&L could get a sizeable boost over next couple of years. Post tax profit figure was £6.3M for the year to Nov 2014 and eps a little over 14p.Broker forecasts for eps next two years are 15p and 16p. That deferred income might well provide room for upgrades, but we shall see. It leaves me with a comfortable feeling, but always dyor.

StockMarketWire.com
Porvair said there will not be a recurrence in 2015 of the unusually high revenues recognised from several large projects in 2014. Total revenues are therefore 4% lower than the prior year, just ahead of management expectation.

"Porvair has made a good start to 2015 with underlying revenue 6% ahead of the same period in the prior year," the company said.

Underlying revenue in Microfiltration was 7% ahead of the prior year and new facilities in New Milton, UK and Caribou, Maine have been completed on time and budget and brought on stream to accommodate growth.

The large projects continue to progress well. Metals Filtration's revenue was 5% ahead of the prior year (3% lower in constant currency). Expansion in Wuhan, China is underway.

"The outlook is encouraging with orders books remaining strong."

Trading update at half year end suggests all still on track. Results due 29th June and unlikely to disappoint, but always dyor.

Another splendid set of figures. Still have a lot of profit to come through from large contracts if these remain on track next couple of years. Mine locked away in ISA., but always dyor.

Muted market reaction to another very solid trading update. Revenues from four large one-off contracts largely booked, but profits being held in "deferred income" for the time being pending finalisation of those contracts. If all goes well - and it seems to be so far - then any warranty claims should be minimal and result would be significant boost to earnings, but always dyor.

StockMarketWire.com
Porvair has continued to trade well throughout the year. Underlying revenues for the year to Nov. 30, 2015, are 8% higher than the prior year and earnings are expected to be ahead of current market expectations.

Order books for the start of 2016 are healthy, it said in a trading update.

"As expected and previously reported, the unusually high revenues recognised from several large projects in the prior year were not repeated in 2015.

"Total revenues are therefore 7% lower than the prior year. Build and commissioning work for the large projects is going well.

"Underlying revenues in the Microfiltration division were 10% ahead of the prior period. Revenues in the Metals Filtration division grew 3% although, following a record prior year, in constant currency, revenues were 4% lower.

"Strong operating cash flow increased net cash above £10m at the year end, achieved despite capital investments of £4.5m, mostly spent on bringing new facilities into operation.

"New plants in the UK and USA were opened in the first half. Production in the expanded China facility has now started. Further investment in US industrial filtration capacity has started and will be complete in 2016."

ACQUISITIONS

On 4 December 2015, the Group's Microfiltration division acquired the goodwill, business and trading assets of TEM. TEM, based in Boise, Idaho, designs and manufactures filters for the microelectronics industry.

The Board sees a very good fit between this business and the Group's Microfiltration operations. The transaction, which is for cash, is expected to be modestly earnings accretive.

Porvair will announce its preliminary results for the year ended 30 November 2015 on Monday 25 January 2016.

I particularly like the "Earnings expected to be ahead of curent market expectations". PRV historically has tended to under promise and over deliver. Mine still locked away in ISA, but always dyor.

Record profits in year to Nov 2015 and now debt free (£10M cash) - always been a strong cash generator. Prospects sound and four large ongoing contracts should give boost to profits over next three years - core business is performing steadily if not spectacularly, but with over 40% now made in USA, some currency headwinds. Share price about where it was 12 months ago, having risen and slipped back, but mine still locked away. DYOR.

Encouraging AGM statment yesterday from this quality outfit. Done very well over the past 5 years and no reason imv why it should not do equally well over the next 5, but always dyor.

Recent half year trading update suggested that profits from large contracts may have more than offset any weakness in metals fitration activities and order books for the second half "healthy". Large buy of 923,000 shares today augurs well ahead of results due 27th June, but always dyor.

RNS suggests M&G has sold 923,000 shares, bought by a Latvian based investment company Vind AV., who paid a modest premium and now hold 3%.

Bit lonely on here, but this has been fine investement for me over the years. Solid results again as expected. Looks like large one off contracts now starting to deliver more profit. Second half "Has started well and order books are healthy". Not obviously cheap, but well run and imo excellent quality. Always dyor

Another excellent trading update. Small enough to be under the radar of most. Quaity does not come cheap, but mine locked away. Always dyor.

Vind AV bought just under 2 million shares at 400p last Friday. Now hold over 6%.

Still lonely on here - hope some of you in this quality share. Another splendid year end trading update and share price has caught up of late. Always dyor.

Another splendid set of results. Not cheap on fundamentals, but outlook remains positive and should be some currency benefits this year if sterling stays weak against US$. Large one-off contracts now nearing completion and should boost profit next couple of years if warranty claims low. Always dyor.

Excellent chart Partridge!

30 Jan Peel Hunt Buy 445.00 450.00 480.00 Reiterates

If you say so, skinny. I cannot get my old head round charts - if the unexpected happens, then surely any trend can be sharply broken either way, so I stick very much to fundamentals. In the case of PRV these have been consistently strong for the last 5 years and large amount of "deferred income" in latest figures suggests to me that is one trend which will hopefully continue!

Another solid trading update today. Share price may be up with events, but prospects still look very good to me and PRV remains largest holding in my ISA. Always dyor.

Interim results today decent, although profits held back by continuing start up losses of metal fitration plant in China. Overall, the story imo remains intact, but always dyor.

Share price weak since the interims, despite most areas of the business trading strongly. Article in today's Times about China having an environmental crackdown on low quality aluminium smelting - will hopefully help PRV to sell its more upmarket (and better quality) filtration in that market. Trading update likely next month may tell us more..

Solid trading update yesterday - 9 month profits "ahead of management expectations". Some recovery in share price as a result, but still a long way below the 600p of a few months ago.

Decent results for year to Nov 2017, despite slowdown in contribution from metals filtration division. If they can get China moving into profit next year, then prospects very good imo, but always dyor.

Encouraging AGM update. Not going to set the world alight, but a solid, well run business with sound prospects. Recent acquisition Finneran looking a good bolt on and profits should continue to be boosted over next 2/3 years by returns on the large contracts (exclusive of spare parts revenues which may be substantial once all equipment is commissioned). Locked away in my ISA, but always dyor.

Another decent set of interim results yesterday, with pre tax profits up 8% on comparative period. Still making small losses in China, but situation said to be improving and overall performance imo remains encouraging. Always dyor.

PRV continues to deliver very solid performance. China sales increased 30% from low base, but still losing money there - more than made up for elsewhere. Strong cash generation and no net debt. It has been a decent one in the bottom drawer last ten years and happy to leave it there. Always dyor