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Porvair expects annual revenue to fall 7%; says profits in line
StockMarketWire.com
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Filtration, laboratory and environmental technologies group Porvair said it expected its annual revenue to fall 7% amid pressure on its aerospace and molten metal order books.
Net cash at 30 November was £4.9 million, up from £4.0 million a year earlier after capital investment of about £5.0 million and dividends of £2.3 million.
Adjusted operating profits were in line with management's expectations, the company said.
Porvair said that since July order books had been building steadily from a lower base.
'The group was consistently profitable and cash generative in the second half, and showed sequential growth between the third and fourth quarters,' it said.
'The economic outlook for aerospace and some industrial segments remains uncertain but orders for the first quarter of 2021 in the laboratory division are strong.'
'Investment in productivity, skills and new products have continued at pre-Covid levels throughout 2020.'
At 9:30am: (LON:PRV) Porvair PLC share price was 0p at 540p
Story provided by StockMarketWire.com
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