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Investors plough into Porvair after upgrade to earnings guidance

Solid performances in all of its divisions means earnings for the year just gone will be better than management had expected
plane
Porvair makes filtration systems for various industries, such as aerospace, food and pharma

Analysts have upped their annual profit forecasts for Porvair PLC (LON:PRV) after the filter maker revealed revenues rose 10% in the year just gone.

The aerospace and industrial division, which makes more than 150 different filters found on planes, was the main growth driver, with sales rising 18% in the year ended November 30.

READ: Porvair gets a boost as Shore Capital starts coverage with ‘buy’ rating and implied fair value of 540p

Solid performances in the laboratory and metal melt quality divisions mean earnings for the year are now forecast to be ahead of management’s expectations.

Analysts at Peel Hunt had expected the company to turn a pre-tax profit of £12.0mln but has now upped that to £12.3mln.

As for the outlook, Porvair told investors that group order books for the start of the new year are “healthy”.

Shares rose 6.5% to 436.7p in early deals on Friday.

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