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Ben Stocks, CEO of Porvair plc, said: "Pulse complements our existing operations well. Porvair already has market leadership in the analysis of inorganic water contamination. Pulse will increase our customer base and product range, enabling us to pursue cross selling opportunities in the environmental laboratory market. We are grateful to the de Rooy family for their co-operation in this project."
Acquisition of Pulse Instrumentation Porvair, the specialist filtration and environmental technology group, today announces the acquisition of the business and assets of Pulse Instrumentation ("Pulse"), a Canadian business focussed on environmental laboratory supplies. Pulse manufactures and distributes water analysis products, principally supplying environmental laboratories in the Americas. Its main line of business is consumable lab-ware. The acquisition expands Porvair's capabilities in the water analysis market by increasing the installed base of laboratories served; widening the range of products offered; and increasing the proportion of consumables sold. Pulse will be integrated into Porvair's Microfiltration Division. The acquisition will be immediately earnings enhancing.
http://www.investegate.co.uk/Article.aspx?id=201204180700165339B
PorvairBUY 11/04/2012 Miles Nolan Specialist filtration to environmental technology outfit Porvair (PRV) has made a good start to the year and is trading ahead of management expectations. In the four months to March, sales are 12% better than the same period last year, which has pushed pre-tax profits higher than estimates. Order books have strengthened throughout the year, and the outlook continues to be encouraging for the months ahead. Margins in the metals filtration arm continue to improve; moreover, sales in the same period are up 15%. Porvair is making good progress with its Selee CS-X aluminium cast house filters, and demand in the US for its iron foundry filters is also proving particularly strong. Last month it acquired Pell Industries, a manufacturer of products for the powder metal industry – the deal was immediately earnings-enhancing and Pell has already been integrated. In its microfiltration business, revenues have jumped 10%, with particular strength in the aerospace market. Interim results due on 26 June should provide a useful opportunity for the fully listed firm to update on trading. We placed a buy recommendation on the shares at 104.5p in January, which looks to be a smart move given the outlook. Buy.
Daniel Stewart maintained its "buy" rating for Porvair (PRV) with a target price of 159p. The air filtration company reported 15% year-on-year revenue growth in its metals business over the first four months of the financial year ending November 2012. As a result, the broker upgraded its full year growth target for the division to 10%, from 2%, and earnings target to 9.3p, from 9.1p. Shares in Porvair gained 3.5p to 118p.
In its Metals Filtration division sales revenue was 15% higher than the same period in the prior year and margins continued to improve, Porvair said. Its Microfiltration division saw sales revenues rise 10%, while revenue from aerospace grew by 22%.
Environmental technology group, Porvair, said it had made a good start to its 2012 financial year, with pre-tax profits ahead of its expectations. In the four months to the end of March, revenues were 12% ahead of the same period in the prior year. The firm added that during the period order books had strengthened and the outlook for the coming months was encouraging.
Porvair plc ("Porvair"), the specialist filtration and environmental technology group will today, 11 April 2012, make the following Interim Management Statement at its Annual General Meeting: Porvair has made a good start to the 2012 financial year. In the four months to 31 March 2012, revenues are around 12% ahead of the same period in the prior year and profit before tax is ahead of management's expectations and the prior period. Order books have strengthened throughout the period and the outlook for the coming months is encouraging
Commenting, Ben Stocks, CEO of Porvair plc said: "We are pleased to have reached an agreement with Pell Industries whose innovative know-how has for some years been producing powder metal handling products of unusually long life. We can use these processes in some of our existing products to improve competitive advantage. This is our second small bolt-on acquisition this year and will be assimilated into our metals filtration division in the next four weeks"
Acquisition And Update Porvair plc, the specialist filtration and environmental technology group today announces the acquisition of the assets of Pell Industries, a manufacturer of products for the powder metal industry. This small acquisition will be immediately earnings enhancing. Trading across the Group over the first quarter of the financial year has been good with revenues ahead of the prior year and order books continuing to grow.
http://www.investegate.co.uk/Article.aspx?id=201203050700136365Y
Daniel Stewart reiterated its "buy" recommendation Porvair (PRV) with a 159p target price. The air filtration company is developing a dedicated bay to manufacture a hot gas filtration system order, worth between 10 and 15 million dollars (6.3 and 9.4 million pounds), and the broker expects work to begin in May. Daniel Stewart added that the firm is benefiting from a strong aerospace sector, with order book visibility into 2014.
Air filtration company Porvair (PRV) retained its "buy" recommendation from Daniel Stewart, with an increased target price of 159p, from 110p. The broker sad that the group's pre-tax profit growth of 44% to 4.5 million pounds for the 2011 financial year was significantly ahead of its expectations, attributing the performance to higher margin products. With similar products scheduled for sale in 2012, Daniel Stewart believes that the cash generative business could lead to an increased dividend
Daniel Stewart initiated coverage of Porvair (PRV) with a "buy" recommendation and 110p target price. The broker says that the air filtration company has a high cash conversion rate and a diversified product range. Daniel Stewart adds that the group benefits from recurring revenues from clients as the consumable nature of many of its products means that they need to be replaced once used. The group is reducing its net debt, which stood at 16.4 million pound in 2008 and the broker expects it to stand at just 5.5 million pounds by the end of the 2011 financial year. Porvair shares dropped 1.5p to 92p.
Nice work if you can get it - and PRV did !
Ben Stocks, CEO of Porvair plc commented: "This is a significant contract for Porvair, in a market that we have been developing steadily for several years. Depending on final configuration it will generate revenues of $10-15 million. We will start manufacturing early in 2012, with first deliveries due at the end of the year and subsequent deliveries stretching out through 2013. Order books across the business are currently healthy, and this work with POSCO will go some way to underpinning our order position over the next two years."
Significant Contract Win Porvair filtration technology selected for Posco Gwangyang gasification project Porvair plc ("Porvair" or "the Group"), the specialist filtration and environmental technology group, today announces that its Microfiltration division has signed an agreement with POSCO E&C to supply char filtration equipment to POSCO's Gwangyang, South Korean coal-to-substitute natural gas (SNG) project. The project, with POSCO E&C, a division of POSCO, one of the world's largest steel makers, will generate substantial revenues over the next three years for Porvair. The Gwangyang facility, once built, will produce 500,000 metric tons of pipeline quality SNG from the gasification of approximately 1.8 million tons of coal annually. The plant will use Porvair's design for its char filtration package to remove fly ash during the gasification process. Under the agreement, Porvair will supply all designs as well as filters and ancillary equipment. Porvair will become POSCO E&C's preferred supplier for future SNG facilities. Gasification is a fast growing industrial process, with 25% capacity growth between 2009 and 2011 (source: the Gasification Technologies Council 2011), almost all of which is in Asia and the Americas. Porvair has unmatched experience in the design and manufacture of hot gas (above 300° C) filtration systems for gasification processes, such as the process utilised at Gwangyang, and has considerable proven run-time over a period of more than ten years.
http://www.investegate.co.uk/Article.aspx?id=201111230700175865S
Broker Peel Hunt expects 2011 pre-tax profits of £4.1m and EPS of 7.3p. Porvair is a quality business, with strong niche products that are largely regulatory driven. However, after the rally over recent months the shares now rate as a hold.
Porvair HOLD 27/06/2011 Miles Nolan Specialist filtration company Porvair (PRV) has pleased investors with better than expected interim results, driven by a recovery in its end markets. The metals filtration arm has benefited from the strengthening of the aluminium price, coupled with the development of new patented products which offer higher margins and are winning acceptance. A stronger US car market has helped drive demand in the iron foundry space, and higher airline passenger numbers have also helped. Porvair has a low-cost manufacturing plant in China, this doubled sales and achieved its first profit - expect this to continue, with the transfer of $1m of steel foundry filter business from the US. In the microfiltration division Porvair edged sales up 3% to £19m, within this aerospace revenue was up a useful 17%. It took record orders in the second quarter, with large deals signed in the nuclear and gasification markets. New products include a bioscience filtration offering, this filters at a molecular level and will be used in epigenetic research. Against a strong comparison, the Seal water analysis arm suffered a 9% fall in sales, however the current order book augurs well for the second half, with a number of orders due for delivery into China. Group pre-tax profits in the six months to May jumped 27% to £1.6m, as sales stepped up 5% to £31.1m. The order book has strengthened over the period, though Porvair will not be drawn on its current value. Strong cash flow has helped slash net debt by £5.4m to £8.9m and this will fall to nearer £7m by the year end, which leaves Porvair in a good position to finance an acquisition - most likely to be based in the US.
Commenting on the outlook, Ben Stocks, Chief Executive, said: "Porvair's strategic direction and operating objectives, which focus on new product growth and geographic expansion in key markets, have been consistent for several years, and their benefits are discernable in these results. The Board expects these benefits to continue to show through in the second half of 2011 and beyond. In the Metals Filtration division margins are improving and will continue to do so as manufacturing is streamlined. In Microfiltration, the strength of the current order book and pipeline of potential opportunities is encouraging. As a result, management's expectations for the year have been increased."
Porvair plc ("Porvair" or "the Group"), the specialist filtration and environmental technology group, today announces its half yearly results for the six months ended 31 May 2011. Highlights · Revenues grew by 5% (7% in constant currency) to £31.1m (2010: £29.7m). · Profit before tax increased by 27% to £1.6m (2010: £1.3m). · Earnings per share up 29% to 2.7 pence (2010: 2.1 pence). · Management's expectations for the full year have been increased. · Net debt fell substantially by £5.4m to £8.9m over the last 12 months (2010: £14.3m). · Metals Filtration: o Further take up of patented new products leading to improved margins; o Streamlining manufacturing processes underway; o First profitable period for Chinese plant. · Microfiltration: o Aerospace revenues up 17% with promising schedules for the second half; o Record orders in the second quarter, including several large bids won in gasification and nuclear; o Seal Analytical revenues lower by 9% compared with prior period but expected to perform well over the full year. · Interim dividend of 1.0 pence (2010: 1.0 pence) declared.
Interesting share - hadnt heard of it until today - certainly a nice rise on todays RNS - feels like one to dig into - very topical obviously
AGM Statement and Interim Management Statement Porvair plc ("Porvair"), the specialist filtration and environmental technology group will today, 5 April 2011, make the following Interim Management Statement at its Annual General Meeting: Porvair has made a good start to the 2011 financial year. In the four months to 31 March 2011, revenues are around 8% higher and profit before tax is ahead of management's expectations and well ahead of the same period in the prior year. Net borrowings have reduced by £4.6m (31%) compared with the equivalent time last year. Order books have strengthened throughout the year to date. In the Metals Filtration division sales revenues were 14% higher than the same period in the prior year. The steady recovery in the Metals Filtration business seen throughout 2010 has continued in the first four months of 2011. Aluminium customers are now fully converted to the higher margin patented Selee CS-X™ filter and market share gains are being made steadily. Conversion of customers to the Selee IC™ iron foundry filter is progressing in line with plan and the resultant improvement in margin is already evident. Sales of filters for the super-alloy market are well ahead of the prior year. In the Microfiltration division sales revenues were 4% ahead of the same period in the prior year. A recovery in the aerospace schedules and a strong industrial filtration performance has offset a slower start from Seal Analytical. Seal Analytical has a good project pipeline and its performance is expected to improve in the coming months. The launch of its new continuous flow analyser, the AA1, in March strengthens its product offering. The Microfiltration order book is strong, particularly in aerospace. Following on from the nuclear order announced in February, March saw over £2m more orders for energy and nuclear projects much of which will be delivered in the second half of the year. The Company will be announcing its interim results for the six months ending 31 May 2011 on Tuesday 28 June 2011.