Porvair PLC (LON:PRV) shares dipped although it said the new year has started “well” after posting record revenue and profit before tax.
The filtration specialist said the year to 30 November saw sales rising 13% to £145mln for profit before tax of £14mln, up 16%.
READ: Porvair downgraded to ‘hold’ by ShoreCap after share price rally
Net cash was 39% lower at £4mln as £14mln were invested in acquisitions and capital expenditure.
The new year has seen healthy order books and investment plans are on track, management added.
Chief executive Ben Stocks said the group is set to benefit from global trends such as tighter environmental regulations, the expansion of air travel and the replacement of plastic by aluminium.
Analysts at Peel Hunt upped its target price to 800p from 600p keeping its ‘buy’ recommendation.
Shares dipped 2% to 774.1p on Monday at the opening bell.