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.