TIDMPRV
RNS Number : 1725O
Porvair PLC
30 January 2023
For immediate release 30 January 2023
Porvair plc
Results for the year ended 30 November 2022
Porvair plc ("Porvair" or "the Group"), the specialist
filtration, laboratory and environmental technology group,
announces its results for the year ended 30 November 2022.
Highlights:
-- Revenue 18% higher at GBP172.6 million (2021: GBP146.3
million), 13% higher on a constant currency basis*.
-- Operating profit 25% higher at GBP19.8 million (2021: GBP15.8 million).
-- Adjusted operating profit* 29% higher at GBP20.5 million (2021: GBP15.9 million).
-- Profit before tax 26% higher at GBP18.7 million (2021: GBP14.8 million).
-- Adjusted profit before tax* 31% higher at GBP19.4 million (2021: GBP14.8 million).
-- Basic earnings per share 23% higher at 32.1 pence (2021: 26.0 pence).
-- Adjusted basic earnings per share* 32% higher at 33.2 pence (2021: 25.2 pence).
-- Net cash was GBP18.3 million (2021: GBP10.2 million) after
investing GBP5.9 million (2021: GBP7.2 million) in capital
expenditure and acquisitions.
-- Recommended final dividend of 3.8 pence (2021: 3.5 pence)
bringing the full year dividend to 5.7 pence (2021: 5.3 pence).
Commenting on the results and outlook, Ben Stocks, Chief
Executive, said:
"2022 was a record year with 13% constant currency revenue
growth and adjusted profit before tax 31% higher. All three
divisions traded well to deliver top line growth ahead of the
Group's fifteen-year average of 9% revenue CAGR. Porvair's strategy
and devolved management structure together helped to overcome
challenging supply chain, inflationary and operating
conditions.
"As we move into 2023 the Board sees some reasons for caution in
the near-term: supply chain dislocation, while diminishing,
requires vigilance; inflationary pressures continue; the wider
economic picture is uncertain and there is a likelihood of currency
headwinds. However, the Group order book finished the year at
record levels despite clear signs of lead times returning to
normal; the aerospace outlook is healthier than it has been since
2019; the petrochemical orderbook is encouraging; and recent new
product introductions will support growth. Consistent investment in
productivity over the last five years is improving operating
margins and a strong balance sheet will support continued
investment in 2023. Porvair benefits from global growth trends
including tightening environmental regulation; growth in analytical
science; the need for clean water; carbon-efficient transportation;
the replacement of plastic and steel by aluminium; and the drive
for manufacturing process quality and efficiency. These trends have
supported a consistent medium and long-term growth record and the
Board is confident that this can continue."
* See notes 1, 2 and 3 for definitions and reconciliations.
For further information please contact:
Porvair plc 01553 765 500
Ben Stocks, Chief Executive
James Mills, Group Finance Director
Buchanan Communications 020 7466 5000
Charles Ryland / Simon Compton
/ George Cleary
An analyst briefing will take place at 9:30 a.m. on Monday 30
January 2023, please contact Buchanan if you wish to join. An
audiocast of the meeting and the presentation will subsequently be
made available at www.porvair.com .
Operating review
2022 started with supply side dislocation and goods inflation
exacerbated by energy shocks and distorted by currency fluctuation.
The year finished with supply side issues diminishing, albeit
slowly, and wage inflation gathering pace. It was a year when close
operational focus and attention to margins was essential but could
not be allowed to disrupt the delivery of longer-term investments
in productivity, product development and people.
The Group navigated challenging conditions satisfactorily,
achieving reported revenue growth of 18%, although this is
flattered by foreign exchange. Constant currency revenue growth was
13%. Revenue was driven by robust order books throughout the year
and price increases passed on whenever goods inflation could not be
avoided. Record profit and a focus on cash meant the year finished
with GBP18.3 million of cash on the balance sheet.
Porvair's devolved management structure is helpful in volatile
conditions, enabling key cost, price and inventory decisions to be
made close to the market. Operational objectives shared across all
general managers were around cash generation, margin enhancement
and active employee engagement; with almost all targets set
delivered or exceeded. Details of our employee engagement and
environmental programmes are published in a separate ESG report at
the same time as these financial results.
Financial results
2022 2021 Growth
GBPm GBPm %
------ ------ -------
Revenue 172.6 146.3 18
------ ------ -------
Operating profit 19.8 15.8 25
------ ------ -------
Adjusted operating profit* 20.5 15.9 29
------ ------ -------
Profit before tax 18.7 14.8 26
------ ------ -------
Adjusted profit before tax* 19.4 14.8 31
------ ------ -------
Pence Pence
------ ------ -------
Earnings per share 32.1 26.0 23
------ ------ -------
Adjusted earnings per share* 33.2 25.2 32
------ ------ -------
GBPm GBPm
------ ------
Cash generated from operations 22.8 18.6
------ ------
Net cash (excluding lease liabilities) 18.3 10.2
------ ------
* See notes 1, 2 and 3 for definitions and reconciliations .
Revenue was 18% higher. Profit before tax increased by 26%.
Adjusted profit before tax was up 31% and adjusted earnings per
share up 32%.
It was a year of unusually strong currency tail-winds. At
constant currency, revenue growth was 13% (see note 1). The direct
effects of foreign exchange on profit are harder to measure. We
estimate that adjusted operating profit at constant currency would
have been around GBP19.0 million and adjusted earnings per share
around 31 pence.
The Group's record for growth, cash generation and investment
is:
5 years 10 years 15 years
CAGR* CAGR* CAGR*
-------- --------- ---------
Revenue growth 8% 8% 9%
Earnings per share growth 10% 12% 12%
Adjusted earnings per share growth 11% 13% 12%
-------- --------- ---------
GBPm GBPm GBPm
-------- --------- ---------
Cash from operations 86.7 152.1 187.8
Investment in acquisitions and capital
expenditure 44.8 78.7 96.4
-------- --------- ---------
* Compound annual growth rate
Porvair's strategy and purpose has remained consistent for 18
years, a period that now encompasses two recessions and a pandemic.
This longer-term growth record gives the Board confidence in the
Group's capabilities and is the basis for capital allocation and
planning decisions.
Strategic statement and business model
Porvair's strategic purpose is the development of specialist
filtration, laboratory and environmental technology businesses for
the benefit of all stakeholders. Principal measures of success
include consistent earnings growth and selected ESG measures as set
out in the full ESG report.
The Group is positioned to benefit from global trends:
tightening environmental regulations; growth in analytical science;
the need for clean water; carbon-efficient transportation; the
replacement of plastic and steel by aluminium; and the drive for
manufacturing process quality and efficiency.
Porvair businesses have certain key characteristics in
common:
-- Specialist design or engineering skills are required;
-- Product use and replacement is mandated by regulation,
quality accreditation or a maintenance cycle; and
-- Products are typically designed into a system that will have
a long life-cycle and must perform to a given specification.
Orders are won by offering the best technical solutions at an
acceptable commercial cost. Technical expertise is necessary in all
markets served. New products are often adaptations of existing
designs with attributes validated in our own test and measurement
laboratories. Experience in specific markets and applications is
valuable in building customer confidence. Domain knowledge is
important, as is deciding where to direct resources.
This leads the Group to:
1. Focus on markets with long-term growth potential;
2. Look for applications where product use is mandated and replacement demand is regular;
3. Make new product development a core business activity;
4. Establish geographic presence where end-markets require; and
5. Invest in both organic and acquired growth.
Therefore:
-- We focus on three operating segments: Aerospace &
Industrial; Laboratory; and Metal Melt Quality. All have clear
long-term growth drivers;
-- Our products typically reduce emissions or protect complex
downstream systems and, as a result, are replaced regularly. A high
proportion of our annual revenue is from repeat orders;
-- Through a focus on new product development, we aim to
generate growth rates in excess of the underlying market. Where
possible, we build intellectual property around our product
developments;
-- Our geographic presence follows the markets we serve. In the
last twelve months: 50% of revenue was in the Americas; 18% in
Asia; 21 % in Continental Europe; 10% in the UK; and 1 % in Africa.
The Group has plants in the US, UK, Germany, the Netherlands and
China. In the last twelve months: 55 % of revenue was manufactured
in the US; 29% in the UK; 13 % in Continental Europe; and 3% in
China;
-- We aim to meet dividend and investment needs from free cash
flow and modest borrowing facilities. In recent years we have
expanded manufacturing capacity in the UK, Germany, US and China,
and made several acquisitions. All investments are subject to a
hurdle rate analysis based on strategic and financial
priorities.
Environmental, Social and Governance ('ESG')
The Board understands that responsible business development is
essential for creating long-term value for stakeholders. Most of
the products made by Porvair are used for the benefit of the
environment. Our water analysis equipment measures contamination
levels in water. Industrial filters are typically needed to reduce
emissions or improve efficiency. Aerospace filters improve safety
and reliability. Nuclear filters confine fissile materials. Metal
Melt Quality filters reduce waste and help improve the strength to
weight ratio of metal components.
A full ESG report is published with this statement, setting
out:
-- Porvair's ESG management framework, goals and TCFD reporting;
-- How climate change and a net zero carbon future might affect markets served by the Group;
-- ESG metrics and results; and
-- How the Group has acted for the benefit of its stakeholders in 2022.
In 2020 the Group set a target to achieve a 10% reduction in
carbon intensity ratio by 2025. As set out in the ESG report, this
was exceeded in 2022. The Board has reset the target to achieve a
further 10% reduction from the 2022 baseline.
Divisional review
Aerospace & Industrial
2022 2021 Growth
GBPm GBPm %
----- ----- -------
Revenue 64.7 55.8 16
----- ----- -------
Operating profit 6.8 3.9 74
----- ----- -------
Adjusted operating profit* 7.2 4.4 64
----- ----- -------
* See notes 1 and 2 for definitions and reconciliations.
The Aerospace & Industrial division designs and manufactures
a wide range of specialist filtration products, demand for which is
driven by customers seeking better engineered, cleaner, safer or
more efficient operations. Differentiation is achieved through
design engineering; the development of intellectual property; and
quality accreditations.
Revenue grew 16%, or 13% at constant currency (note 1), with
aerospace, nuclear and microelectronics all well ahead of the prior
year. It was a slower year for petrochemical work but orders picked
up in the final quarter and the outlook is brighter, particularly
for emissions control work in India. For the second year there were
no gasification sales with current filters performing better than
expected in situ. Aerospace revenue was up 19 % and the order book
for 2023 is healthy.
Operating profit benefitted from both volume and pricing effects
and were further improved by productivity investments made in
covid-affected prior years. Adjusted operating profit margin at
11.1% is returning to pre-pandemic levels. Investments continued
through the year to improve quality, capacity and productivity.
It was a good year for recently introduced products. While
relatively modest in revenue terms, unusual engineering challenges
were successfully undertaken for both the SpaceX and Blue Origin
space programmes; the US DoE nuclear waste remediation programme at
Hanford River; and the International Thermonuclear Experimental
Reactor in France.
Laboratory
2022 2021 Growth
GBPm GBPm %
----- ----- -------
Revenue 62.7 53.2 18
----- ----- -------
Operating profit 10.0 9.6 4
----- ----- -------
Adjusted operating profit* 10.3 9.6 7
----- ----- -------
* See notes 1 and 2 for definitions and reconciliations.
The Laboratory division has two operating businesses: Porvair
Sciences (including JG Finneran and Kbio) and Seal Analytical.
-- Porvair Sciences manufactures laboratory filters, small
instruments and associated consumables. Differentiation is achieved
through proprietary manufacturing capabilities and filtration
media.
-- Seal Analytical is a leading supplier of instruments and
consumables for environmental laboratories, for which demand is
driven by water quality regulations. Differentiation is achieved
through consistent new product development.
Revenue grew 18%, or 14% at constant currency (note 1), with
both Seal Analytical and the Life Sciences consumables segments
achieving record sales. Kbio performed well, returning to more
normal sales patterns after a covid-related boost in the prior year
and helped by increased sales into the US through JG Finneran sales
channels.
Operating profit was up 7%, or 5% in constant currency, with
margins softening as flattering covid-related work settled back and
a more normal product mix returned. Adjusted operating profit
margin at 16.4% is at satisfactory levels. Investment continued
through the year in tooling and capacity expansion for sample
preparation products.
The recently introduced AQ700 water analysis instrument exceeded
expectations in the year and will be a key component in Seal's
future growth. Based on proprietary component design this is a
high-throughput, low detection-limit instrument ideally suited to
laboratories where automation of process is becoming essential.
Metal Melt Quality
2022 2021 Growth
GBPm GBPm %
----- ----- -------
Revenue 45.2 37.4 21
----- ----- -------
Operating profit 5.7 5.7 -
----- ----- -------
Adjusted operating profit* 5.7 5.1 12
----- ----- -------
* See notes 1 and 2 for definitions and reconciliations.
The Metal Melt Quality division manufactures filters for molten
aluminium, ductile iron and nickel-cobalt alloys. It has a
well-differentiated product range based on patented products and a
promising new product pipeline.
Revenue was at a record level, growing at 21%, or 11% at
constant currency (note 1). Post-covid recovery in aerospace and
foundry-related markets helped, as did further progress in the
demand for metal grades suitable for electric and hybrid vehicles;
and the switch from plastic to recyclable aluminium beverage
packaging. Over 90 billion cans were made from aluminium filtered
by Porvair in 2022.
Operating profit was up 12%, or 6% in constant currency.
Adjusted margin was ahead of target at 12.6%, marginally less than
the prior year which was flattered by lower than normal selling and
other costs.
Dividends
The Board re-affirms its progressive dividend policy and
recommends a final dividend of 3.8 pence per share, at a value of
GBP 1.7 million (2021: 3.5 pence per share, at a value of GBP1.6
million). The full year dividend increases by 7.5 % to 5.7 pence
per share, a value of GBP 2.6 million (2021: 5.3 pence per share, a
value of GBP2.4 million). The Company had GBP36.5 million (2021:
GBP27.8 million) of distributable reserves at 30 November 2022.
Staff
In many respects, of our various stakeholders, it is our staff
that are the most crucial. 2022 was not an easy year in which to
work in manufacturing operations with the macro shocks of inflation
and economic uncertainty combining with micro complications of
supply disruption and covid-related absence. The staff across our
17 facilities have coped well and the Board wishes to salute their
resourcefulness and perseverance. Porvair believes in devolving
management autonomy as far as possible, and our management teams
are remunerated in part by how well they execute the employee
engagement framework set out by the Board. The Board is very
grateful for the hard work, enthusiasm and dedication of all our
staff.
Current trading and outlook
2022 was a record year with 13% constant currency revenue growth
and adjusted profit before tax 31% higher. All three divisions
traded well to deliver top line growth ahead of the Group's
fifteen-year average of 9% revenue CAGR. Porvair's strategy and
devolved management structure together helped to overcome
challenging supply chain, inflationary and operating
conditions.
As we move into 2023 the Board sees some reasons for caution in
the near-term: supply chain dislocation, while diminishing,
requires vigilance; inflationary pressures continue; the wider
economic picture is uncertain and there is a likelihood of currency
headwinds. However, the Group order book finished the year at
record levels despite clear signs of lead times returning to
normal; the aerospace outlook is healthier than it has been since
2019; the petrochemical orderbook is encouraging; and recent new
product introductions will support growth. Consistent investment in
productivity over the last five years is improving operating
margins and a strong balance sheet will support continued
investment in 2023. Porvair benefits from global growth trends
including tightening environmental regulation; growth in analytical
science; the need for clean water; carbon-efficient transportation;
the replacement of plastic and steel by aluminium; and the drive
for manufacturing process quality and efficiency. These trends have
supported a consistent medium and long-term growth record and the
Board is confident that this can continue.
Ben Stocks
Group Chief Executive
27 January 2023
Financial review
Group results
2022 2021 Growth
GBPm GBPm %
------ ------ -------
Revenue 172.6 146.3 18
------ ------ -------
Operating profit 19.8 15.8 25
------ ------ -------
Profit before tax 18.7 14.8 26
------ ------ -------
Profit after tax 14.7 11.9 24
------ ------ -------
Revenue was 18% higher on a reported currency basis and 13%
higher at constant currency (see note 1). Operating profit was
GBP19.8 million (2021: GBP15.8 million) and profit before tax was
GBP18.7 million (2021: GBP14.8 million). Profit after tax was
GBP14.7 million (2021: GBP11.9 million).
Alternative performance measures - profit
2022 2021 Growth
GBPm GBPm %
----- ----- -------
Adjusted operating profit 20.5 15.9 29
----- ----- -------
Adjusted profit before tax 19.4 14.8 31
----- ----- -------
Adjusted profit after tax 15.3 11.6 32
----- ----- -------
The Group presents alternative performance measures to enable a
better understanding of its trading performance (see note 1).
Adjusted operating profit and adjusted profit before tax exclude
items that are considered significant and where treatment as an
adjusted item provides a more consistent assessment of the Group's
trading. Adjusting items comprise a GBP0.7 million charge (2021: a
net GBP0.1 million charge) for the amortisation of acquired
intangible assets. The details of these adjustments are set out in
note 1.
Impact of exchange rate movements on performance
The international nature of the Group's business means that
relative movements in exchange rates can affect reported
performance. The rates used for translating the results of overseas
operations were:
2022 2021
------------ ------------
Average rate for translating the results:
US $ denominated operations $1.25:GBP $1.37:GBP
Euro denominated operations EUR1.18:GBP EUR1.16:GBP
Closing rate for translating the balance sheet:
US $ denominated operations $1.19:GBP $1.32:GBP
Euro denominated operations EUR1.16:GBP EUR1.18:GBP
------------ ------------
The movement in average rates used for translating US dollar and
Euro results into Sterling has resulted in a net favourable revenue
variance year-on-year of GBP8.2 million, between reported and
constant currency ( note 1 explains how constant currency
performance is determined).
During the year, the Group sold US$25.0 million (2021: US$16.5
million) at a net rate of US$1.29:GBP1(2021: US$1.36:GBP1) and
EUR2.6 million (2021: EUR10.5 million) at a net rate of
EUR1.19:GBP1 (2021: EUR1.14:GBP1). At 30 November 2022, the Group
had US$13.0 million (2021: US$1.0 million) and EUR0.4 million
(2021: EUR0.3 million) of outstanding forward foreign exchange
contracts; hedge accounting has not been applied to these
contracts.
Finance costs
Net interest payable comprises bank borrowing costs, interest on
lease liabilities, interest on the Group's pension deficit and the
cost of unwinding discounts on provisions and other payables.
Interest in the year remained flat at GBP1.1 million (2021: GBP1.1
million). Interest cover was 18 times (2021: 15 times). Interest
cover on bank finance costs was 57 times (2021: 51 times).
Tax
The total Group tax charge for the year was GBP4.0 million
(2021: GBP2.8 million), including the tax effect of adjusting items
which are set out in note 1. The adjusted tax charge was GBP4.2
million (2021: GBP3.2 million), with the effective rate of income
tax on adjusted profit before tax being 21% (2021: 22%). The Group
effective tax rate was impacted by overseas profits, which attract
higher tax rates than the current 19% in the UK, noting the enacted
increase in UK Corporation Tax to 25% from April 2023.
The total tax charge comprises current tax of GBP3.4 million
(2021: GBP2.7 million) and deferred tax of GBP0.6 million (2021:
GBP0.1 million).
The Group has current tax provisions of GBP0.3 million (2021:
GBP0.9 million), which includes GBP1.1 million (2021: GBP1.1
million) for uncertainties relating to the interpretation of tax
legislation in the Group's operating territories, offset by
payments on account and amounts recoverable for overpayments of
tax.
The Group carries a deferred tax asset of GBP1.0 million (2021:
GBP1.8 million) and a deferred tax liability of GBP2.8 million
(2021: GBP2.4 million). The deferred tax asset relates principally
to the retirement benefit obligations and share-based payments. The
deferred tax liability relates to accelerated capital allowances,
acquired intangible assets arising on consolidation and other
timing differences.
Total equity and distributable reserves
Total equity at 30 November 2022 was GBP131.1 million (2021:
GBP108.9 million), an increase of 20% over the prior year.
The net increase in total equity includes profit after tax of
GBP14.7 million (2021: GBP11.9 million), a net of tax actuarial
gain of GBP1.3 million (2021: GBP1.6 million), together with a
GBP7.8 million exchange gain (2021: GBPnil) on the retranslation of
foreign subsidiaries.
The Company had GBP36.5 million (2021: GBP27.8 million) of
distributable reserves at 30 November 2022. The Company's
distributable reserves increased in the year from dividends
received from Group companies, together with an actuarial gain,
offset by head office costs and dividends paid to shareholders.
Cash flow
The table below summarises the key elements of the cash flow for
the year:
2022 2021
GBPm GBPm
----------------- -------
Operating cash flow before working capital 26.9 21.0
Working capital movement (2.7) (0.8)
Post-employment benefits (net cash movement) (1.4) (1.6)
Cash generated from operating activities 22.8 18.6
Interest (0.4) (0.3)
Tax (4.1) (2.2)
Capital expenditure (4.9) (3.2)
----------------- -------
13.4 12.9
----------------- -------
Acquisitions (1.0) (4.0)
Share issue proceeds 0.5 0.1
Purchase of Employee Benefit Trust shares (0.7) (0.7)
Decrease in borrowings (5.0) (3.7)
Dividends (2.5) (2.3)
Repayment of lease liabilities (2.5) (2.3)
----------------- -------
Increase in cash 2.2 -
----------------- -------
Net debt reconciliation 2022 2021
GBPm GBPm
----------------- -------
Net debt at 1 December (2.0) (8.7)
Increase in cash 2.2 -
Decrease in borrowings 5.0 3.7
Decrease in lease liabilities 1.2 1.1
Paycheck Protection Program loan waiver - 1.4
Exchange gains 0.4 0.5
Net cash/(debt) at 30 November 6.8 (2.0)
----------------- -------
Net cash 18.3 10.2
Lease liabilities (11.5) (12.2)
----------------- -------
Net cash/(debt) at 30 November 6.8 (2.0)
----------------- -------
Generating free cash flow is key to the Group's business model.
Operating cash flow of GBP22.8 million was generated in the year
(2021: GBP18.6 million), with net working capital increasing by
GBP2.7 million (2021: GBP0.8 million). Receivables increased by
GBP2.0 million (2021: decrease GBP0.2 million) as a result of the
revenue growth, with strong collections throughout the year.
Working capital management supported the investment in certain
inventory items, given the wide-spread supply chain dislocation and
need to sure up security of supply. Inventories increased by GBP4.9
million (2021: GBP0.5 million) and payables and provisions
increased by GBP4.2 million (2021: decrease of GBP0.5 million).
Provisions and contingent liabilities
The Group has GBP4.0 million (2021: GBP4.7 million) of
provisions for dilapidations and performance warranties. GBP0.4
million of warranty provisions have been created in relation to
sales made in the year. GBP1.1 million of warranty provisions have
been released in the year, following the latest estimate of the
expected costs to be incurred.
At 30 November 2022, the Group had the following advanced
payment bonds (relating to monies received in advance on contracts)
and performance bonds issued to customers in US dollars and
Euros:
$m EURm
---- -----
Advanced payment bonds - 0.7
Performance bonds 1.0 0.3
At 30 November 2022 1.0 1.0
---- -----
$m EURm
---- -----
Advanced payment bonds - 0.3
Performance bonds 2.5 0.8
At 30 November 2021 2.5 1.1
---- -----
The uncalled performance bonds are expected to be called or
released no later than December 2024.
Capital expenditure
Capital expenditure on property, plant and equipment was GBP4.9
million in the year (2021: GBP3.2 million), as the Group stepped up
investment in capital projects with a particular emphasis on
automation and productivity.
Acquisitions
On 25 February 2021, the Group purchased 100% of the share
capital of Kbio. Contingent consideration paid in the 2022 year was
GBP1.0 million. A further and final GBP1.0 million of consideration
is contingent on Kbio meeting a profit target for the year ending
31 March 2023. This amount discounted is accrued within 'Trade and
other payables' at 30 November 2022.
Retirement benefit obligations
Retirement benefit obligations measured in accordance with IAS
19 Employee Benefits were GBP9.8 million (2021: GBP12.6 million).
The Group supports its defined benefit pension scheme in the UK
("The Plan"), which is closed to new members, and provides access
to defined contribution schemes for its other employees. The Plan's
liabilities decreased in the year to GBP34.1 million (2021: GBP49.6
million). The Plan's assets also decreased in the year to GBP24.5
million (2021: GBP37.0 million). Following a change in financial
assumptions, including an increase in the discount rate, together
with a loss on assets, a net of tax actuarial gain of GBP1.3
million (2021: gain of GBP1.6 million) was recognised within the
statement of comprehensive income.
Cash contributions paid to The Plan were GBP2.1 million (2021:
GBP2.3 million), which included a deficit recovery payment of
GBP1.6 million (2021: GBP1.6 million). The triennial actuarial
valuation was completed in the year based on the Plan's position at
31 March 2021. Based on the valuation, the Group has agreed to
increase the annual deficit recovery payment from GBP1.6 million to
GBP2.1 million, effective December 2022.
Borrowings and bank finance
At 30 November 2022, the Group had cash balances of GBP18.3
million (2021: GBP15.4 million) and borrowings of GBPnil (2021:
GBP5.2 million); with net cash (excluding lease liabilities) of
GBP18.3 million (2021: GBP10.2 million).
At 30 November 2022, the Group had EUR27.7 million/GBP23.9
million (2021: EUR21.5 million/GBP18.3 million) of unused credit
facilities and an unutilised GBP2.5 million (2021: GBP2.5 million)
overdraft facility.
Finance and treasury policy
The treasury function at Porvair is managed centrally, under
Board supervision. It seeks to limit the Group's trading exposure
to currency movements. The Group does not hedge against the impact
of exchange rate movements on the translation of profits and losses
of overseas operations.
The Group finances its operations through share capital,
retained profits and, when required, bank debt. It has adequate
facilities to finance its current operations and capital plans for
the foreseeable future.
James Mills
Group Finance Director
27 January 2023
Consolidated income statement
For the year ended 30 November
2022 2021
Continuing operations Note GBP'000 GBP'000
---------- ---------
Revenue 1,2 172,575 146,310
Cost of sales (113,597) (99,353)
---------- ---------
Gross profit 58,978 46,957
Distribution costs (2,759) (2,391)
Administrative expenses (36,409) (28,724)
Adjusted operating profit 1,2 20,498 15,885
Adjustments:
Amortisation of acquired intangible
assets (688) (740)
Other acquisition-related adjustments - (98)
Impairment of assets and restructuring
costs - (542)
Paycheck Protection Program - 1,337
Operating profit 1,2 19,810 15,842
Finance costs (1,072) (1,084)
Profit before tax 1,2 18,738 14,758
------------------------------------------- ----- ---------- ---------
Adjusted income tax expense (4,169) (3,210)
Adjustments:
Tax effect of adjustments to
operating profit 1 145 396
---------
Income tax expense (4,024) (2,814)
Profit for the year 1,2 14,714 11,944
---------- ---------
Earnings per share (basic) 3 32.1p 26.0p
Earnings per share (diluted) 3 32.0p 26.0p
Adjusted earnings per share
(basic) 3 33.2p 25.2p
Adjusted earnings per share
(diluted) 3 33.2p 25.2p
Consolidated statement of comprehensive income
For the year ended 30 November
2022 2021
GBP'000 GBP'000
--------- ---------
Profit for the year 14,714 11,944
--------- ---------
Other comprehensive income
Items that will not be reclassified to
profit and loss:
Actuarial gain in defined benefit pension
plans net of tax 1,257 1,600
--------- ---------
Items that may be subsequently reclassified
to profit and loss:
Exchange gains on translation of foreign
subsidiaries 7,796 12
Total other comprehensive income for the
year 9,053 1,612
--------- ---------
Total comprehensive income for the year 23,767 13,556
--------- ---------
Consolidated balance sheet
As at 30 November
2022 2021
Note GBP'000 GBP'000
--------- ---------
Non-current assets
Property, plant and equipment 24,311 21,235
Right-of-use assets 10,144 11,014
Goodwill and other intangible
assets 77,900 74,103
Deferred tax asset 1,046 1,821
--------- -----------
113,401 108,173
--------- -----------
Current assets
Inventories 30,973 24,650
Trade and other receivables 24,471 21,344
Derivative financial instruments 554 -
Cash and cash equivalents 18,297 15,442
--------- -----------
74,295 61,436
--------- -----------
Current liabilities
Trade and other payables (27,881) (21,702)
Current tax liabilities (309) (853)
Lease liabilities (2,156) (2,207)
Derivative financial instruments (319) (20)
Provisions 5 (3,692) (4,372)
(34,357) (29,154)
Net current assets 39,938 32,282
--------- -----------
Non-current liabilities
Borrowings - (5,217)
Deferred tax liability (2,811) (2,425)
Retirement benefit obligations (9,816) (12,602)
Other payables - (945)
Lease liabilities (9,316) (10,024)
Provisions 5 (328) (296)
--------- -----------
(22,271) (31,509)
--------- -----------
Net assets 131,068 108,946
--------- -----------
Capital and reserves
Share capital 927 924
Share premium account 37,626 37,078
Cumulative translation reserve 15,453 7,657
Retained earnings 77,062 63,287
--------- -----------
Equity attributable to owners
of the parent 131,068 108,946
--------- -----------
Consolidated cash flow statement
For the year ended 30 November
2022 2021
Note GBP'000 GBP'000
--------- ---------
Cash flows from operating activities
Cash generated from operations 7 22,798 18,624
Interest paid (403) (305)
Tax paid (4,118) (2,215)
--------- ---------
Net cash generated from operating
activities 18,277 16,104
--------- ---------
Cash flows from investing activities
Acquisition of subsidiaries (net of
cash acquired) (1,000) (3,968)
Purchase of property, plant and equipment (4,826) (3,182)
Purchase of intangible assets (61) (47)
Proceeds from sale of property, plant
and equipment 17 9
Net cash used in investing activities (5,870) (7,188)
--------- ---------
Cash flows from financing activities
Proceeds from issue of ordinary shares 551 152
Purchase of Employee Benefit Trust
shares (749) (716)
Decrease in borrowings (4,986) (3,687)
Dividends paid to shareholders 4 (2,478) (2,345)
Repayments of lease liabilities (2,503) (2,292)
Net cash used in financing activities (10,165) (8,888)
--------- ---------
Net increase in cash and cash equivalents 2,242 28
Exchange gains/(losses) on cash and cash equivalents 613 (149)
--------- ---------
2,855 (121)
Cash and cash equivalents at 1 December 15,442 15,563
--------- ---------
Cash and cash equivalents at 30 November 18,297 15,442
--------- ---------
Reconciliation of net cash flow to movement in net debt
2022 2021
GBP'000 GBP'000
--------- ---------
Net debt at 1 December (2,006) (8,735)
Increase in cash and cash equivalents 2,242 28
Decrease in borrowings 4,986 3,687
Decrease in lease liabilities 1,194 1,147
Paycheck Protection Program loan waiver - 1,337
Effects of exchange rate changes 409 530
Net cash/(debt) at 30 November 6,825 (2,006)
--------- ---------
Net cash and bank debt 18,297 10,225
Lease liabilities (11,472) (12,231)
Net cash/(debt) at 30 November 6,825 (2,006)
--------- ---------
Consolidated statement of changes in equity
For the year ended 30 November
Share Cumulative
Share premium translation Retained Total
capital account reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------- --------- ------------- ----------- ----------
At 1 December 2020 923 36,927 7,645 52,697 98,192
---------- --------- ------------- ----------- ----------
Profit for the year - - - 11,944 11,944
Other comprehensive income - - 12 1,600 1,612
Total comprehensive income
for the year - - 12 13,544 13,556
---------- --------- ------------- ----------- ----------
Purchase of own shares
(held in trust) - - - (716) (716)
Issue of ordinary share
capital 1 151 - - 152
Share-based payments charge - - - 107 107
Dividends paid - - - (2,345) (2,345)
---------- --------- ------------- ----------- ----------
At 30 November 2021 924 37,078 7,657 63,287 108,946
---------- --------- ------------- ----------- ----------
Profit for the year - - - 14,714 14,714
Other comprehensive income - - 7,796 1,257 9,053
Total comprehensive income
for the year - - 7,796 15,971 23,767
---------- --------- ------------- ----------- ----------
Purchase of own shares
(held in trust) - - - (749) (749)
Issue of ordinary share
capital 3 548 - - 551
Share-based payments charge - - - 1,031 1,031
Dividends paid - - - (2,478) (2,478)
At 30 November 2022 927 37,626 15,453 77,062 131,068
---------- --------- ------------- ----------- ----------
Notes
1. Alternative performance measures
Alternative performance measures are used by the Directors and
management to monitor business performance internally and exclude
certain cash and non-cash items which they believe are not
reflective of the normal course of business of the Group. The
Directors believe that disclosing such non-IFRS measures enables a
reader to isolate and evaluate the impact of such items on results
and allows for a fuller understanding of performance from year to
year. Alternative performance measures may not be directly
comparable with other similarly titled measures used by other
companies.
Alternative revenue measures
2022 2021 Growth
Aerospace & Industrial GBP'000 GBP'000 %
-------- -------- -------
Revenue at constant currency 61,864 54,888 13
Exchange 2,861 888
Revenue as reported 64,725 55,776 16
-------- -------- -------
Laboratory
Underlying revenue 52,737 46,863 13
Acquisition 6,639 5,428
-------- -------- -------
Revenue at constant currency 59,376 52,291 14
Exchange 3,308 885
-------- -------- -------
Revenue as reported 62,684 53,176 18
-------- -------- -------
Metal Melt Quality
Revenue at constant currency 40,236 36,225 11
Exchange 4,930 1,133
-------- -------- -------
Revenue as reported 45,166 37,358 21
-------- -------- -------
Group
Underlying revenue 154,837 137,976 12
Acquisition 6,639 5,428
-------- -------- -------
Revenue at constant currency 161,476 143,404 13
Exchange 11,099 2,906
-------- -------- -------
Revenue as reported 172,575 146,310 18
-------- -------- -------
Revenue at constant currency is derived from translating
overseas subsidiaries results at budgeted fixed exchange rates. In
2022 and 2021, the rates used were $1.40:GBP1 and EUR1.20:GBP1,
compared with reported rates of $1.25:GBP1 (2021: $1.37:GBP1) and
EUR1.18:GBP1 (2021: EUR1.16:GBP1).
Underlying revenue is revenue at constant currency adjusted for
the impact of acquisitions made in the current and prior year.
The acquisition line relates to the revenue in relation to the
acquisition of Kbio, which was acquired in February 2021.
Alternative profit measures
A reconciliation of the Group's adjusted performance measures to
the reported IFRS measures is presented below:
2022 2021
Adjusted Adjustments Reported Adjusted Adjustments Reported
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- ------------ --------- --------- ------------ ---------
Operating profit 20,498 (688) 19,810 15,885 (43) 15,842
Finance costs (1,072) - (1,072) (1,084) - (1,084)
--------- ------------ --------- --------- ------------ ---------
Profit before
tax 19,426 (688) 18,738 14,801 (43) 14,758
Income tax expense (4,169) 145 (4,024) (3,210) 396 (2,814)
Profit for the
year 15,257 (543) 14,714 11,591 353 11,944
--------- ------------ --------- --------- ------------ ---------
An analysis of adjusting items is given below:
2022 2021
Affecting operating profit: GBP'000 GBP'000
----------- --------
Amortisation of acquired intangible assets (688) (740)
Other acquisition-related adjustments - (98)
Impairment of assets and restructuring costs - (542)
Paycheck Protection Program - 1,337
(688) (43)
----------- --------
Affecting tax:
Tax effect of adjustments to operating profit 145 396
Total adjusting items (543) 353
----------- --------
Adjusted operating profit excludes:
-- The amortisation of intangible assets arising on acquisition
of businesses of GBP0.7 million (2021: GBP0.7 million);
-- Other acquisition-related costs of GBPnil (2021: GBP0.1
million in relation to the acquisition of Kbio);
-- Covid-19 related impairment of assets and restructuring costs
of GBPnil (2021: GBP0.5 million, principally within the Aerospace
& Industrial division); and
-- Monies received under the US Paycheck Protection Program of
GBPnil (2021: GBP1.3 million, for proceeds received in relation to
eligible costs incurred within the US operations during the covid
pandemic).
The 2021 tax effect of adjustments to operating profit includes
a credit in relation to eligible costs incurred in 2020, associated
with the US Paycheck Protection Program and previously treated as
disallowed for tax. The GBP1.3 million Paycheck Protection Program
income in 2021 does not attract US tax. These items combined
contribute to the tax credit on net adjusting items.
Return on capital employed
The Group uses two return measures to assess the return it makes
on its investments:
-- Return on capital employed of 15 % (2021: 13%) is the tax
adjusted operating profit as a percentage of the average capital
employed. Capital employed is the average of the opening and
closing Group net assets less the average of the opening and
closing net cash (excluding lease liabilities); and
-- Return on operating capital employed of 36 % (2021: 31%) is
calculated on the same basis except that the capital employed is
adjusted to remove the average of the opening and closing goodwill
and the opening and closing retirement benefit obligations to give
a measure of the operating capital.
2. Segment information
The chief operating decision maker has been identified as the
Board of Directors. The Board of Directors has instructed the
Group's internal reporting to be based around differences in
products and services, in order to assess performance and allocate
resources. The key profit measure used to assess the performance of
each reportable segment is adjusted operating profit/(loss).
Management has determined the operating segments based on this
reporting.
As at 30 November 2022, the Group is organised on a worldwide
basis into three operating segments:
1) Aerospace & Industrial - principally serving the aviation, and energy and industrial markets;
2) Laboratory - principally serving the bioscience and
environmental laboratory instrument and consumables market; and
3) Metal Melt Quality - principally serving the global
aluminium, North American Free Trade Agreement (NAFTA) iron foundry
and super-alloys markets.
Other Group operations' costs, assets and liabilities are
included in the "Central" division. Central costs mainly comprise
Group corporate costs, including new business development costs,
some research and development costs and general financial costs.
Central assets and liabilities mainly comprise Group retirement
benefit obligations, tax assets and liabilities, cash and
borrowings.
The segment results for the year ended 30 November 2022 are as
follows:
2022 Aerospace Metal
& Industrial Laboratory Melt Quality Central Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------------- -------------- ---------- ---------
Total segment revenue 64,864 64,453 45,166 - 174,483
Inter-segment revenue (139) (1,769) - - (1,908)
-------------- ------------- -------------- ---------- ---------
Revenue 64,725 62,684 45,166 - 172,575
-------------- ------------- -------------- ---------- ---------
Adjusted operating
profit/(loss) 7,200 10,321 5,701 (2,724) 20,498
Amortisation of
acquired intangible
assets (382) (306) - - (688)
------------------------- -------------- ------------- -------------- ---------- ---------
Operating profit/(loss) 6,818 10,015 5,701 (2,724) 19,810
Finance costs - - - (1,072) (1,072)
--------------
Profit/(loss) before
tax 6,818 10,015 5,701 (3,796) 18,738
-------------- ------------- -------------- ---------- ---------
The segment results for the year ended 30 November 2021 are as
follows:
2021 Aerospace Metal
& Industrial Laboratory Melt Quality Central Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------------- -------------- ---------- ---------
Total segment revenue 55,918 54,965 37,358 - 148,241
Inter-segment revenue (142) (1,789) - - (1,931)
-------------- ------------- -------------- ---------- ---------
Revenue 55,776 53,176 37,358 - 146,310
-------------- ------------- -------------- ---------- ---------
Adjusted operating
profit/(loss) 4,399 9,649 5,074 (3,237) 15,885
Amortisation of
acquired intangible
assets (396) (344) - - (740)
Other acquisition-related
adjustments - - - (98) (98)
Impairment of assets
and restructuring
costs (542) - - - (542)
Paycheck Protection
Program 407 295 635 - 1,337
Operating profit/(loss) 3,868 9,600 5,709 (3,335) 15,842
Finance costs - - - (1,084) (1,084)
-------------- ------------- -------------- ---------- ---------
Profit/(loss) before
tax 3,868 9,600 5,709 (4,419) 14,758
-------------- ------------- -------------- ---------- ---------
The segment assets and liabilities at 30 November 2022 are as
follows:
2022 Aerospace Metal
& Industrial Laboratory Melt Quality Central Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------------- -------------- ---------- ---------
Segmental assets 68,033 63,324 36,063 1,979 169,399
Cash and cash equivalents - - - 18,297 18,297
-------------- ------------- -------------- ---------- ---------
Total assets 68,033 63,324 36,063 20,276 187,696
-------------- ------------- -------------- ---------- ---------
Segmental liabilities (21,640) (13,168) (6,893) (5,111) (46,812)
Retirement benefit
obligations - - - (9,816) (9,816)
Total liabilities (21,640) (13,168) (6,893) (14,927) (56,628)
-------------- ------------- -------------- ---------- ---------
The segment assets and liabilities at 30 November 2021 are as
follows:
2021 Aerospace Metal
& Industrial Laboratory Melt Quality Central Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------------- -------------- ---------- ---------
Segmental assets 70,038 51,720 30,087 2,322 154,167
Cash and cash equivalents - - - 15,442 15,442
-------------- ------------- -------------- ---------- ---------
Total assets 70,038 51,720 30,087 17,764 169,609
-------------- ------------- -------------- ---------- ---------
Segmental liabilities (19,242) (12,675) (5,747) (5,180) (42,844)
Retirement benefit
obligations - - - (12,602) (12,602)
Borrowings - - - (5,217) (5,217)
-------------- ------------- -------------- ---------- ---------
Total liabilities (19,242) (12,675) (5,747) (22,999) (60,663)
-------------- ------------- -------------- ---------- ---------
Geographical analysis
2022 2021
Revenue By destination By origin By destination By origin
GBP'000 GBP'000 GBP'000 GBP'000
--------------- ---------- --------------- -----------
United Kingdom 17,715 50,018 14,886 42,652
Continental Europe 35,898 21,695 31,534 25,873
United States of America 80,537 96,370 64,673 71,695
Other NAFTA 3,592 - 2,647 -
South America 2,409 - 2,642 -
Asia 30,785 4,492 28,688 6,090
Africa 1,639 - 1,240 -
--------------- ---------- --------------- -----------
172,575 172,575 146,310 146,310
--------------- ---------- --------------- -----------
3. Earnings per share (EPS)
2022 2021
As reported Earnings Weighted Per share Earnings Weighted Per share
average average
number number of
GBP'000 of shares Pence GBP'000 shares Pence
--------- ------------ ---------- --------- ------------ ----------
Profit for the
year - attributable
to owners of the
parent 14,714 11,944
Shares in issue 46,211,979 46,170,094
Shares owned by
the Employee Benefit
Trust (319,288) (198,822)
--------- ------------ ---------- --------- ------------ ----------
Basic EPS 14,714 45,892,691 32.1 11,944 45,971,272 26.0
Dilutive share
options outstanding - 18,598 (0.1) - 38,370 -
--------- ------------ ---------- --------- ------------ ----------
Diluted EPS 14,714 45,911,289 32.0 11,944 46,009,642 26.0
--------- ------------ ---------- --------- ------------ ----------
In addition to the above, the Group also calculates an earnings
per share based on adjusted profit as the Board believes this to be
a better measure to judge the progress of the Group, as discussed
in note 1.
2022 2021
Earnings Weighted Per share Earnings Weighted Per share
Adjusted average average
number number of
GBP'000 of shares Pence GBP'000 shares Pence
--------- ----------- ---------- --------- ----------- ----------
Profit for the
year - attributable
to owners of the
parent 14,714 11,944
Adjusting items
(note 1) 543 (353)
--------- ----------- ---------- --------- ----------- ----------
Adjusted profit
-attributable
to owners of the
parent 15,257 11,591
--------- ----------- ---------- --------- ----------- ----------
Adjusted basic
EPS 15,257 45,892,691 33.2 11,591 45,971,272 25.2
Adjusted diluted
EPS 15,257 45,911,289 33.2 11,591 46,009,642 25.2
--------- ----------- ---------- --------- ----------- ----------
4. Dividends per share
2022 2021
Per share Per share
Pence GBP'000 Pence GBP'000
---------- -------- ---------- --------
Final dividend paid - in respect
of prior year 3.5 1,606 3.3 1,517
Interim dividend paid - in
respect of current year 1.9 872 1.8 828
---------- -------- ---------- --------
5.4 2,478 5.1 2,345
---------- -------- ---------- --------
The Directors recommend the payment of a final dividend of 3.8
pence per share (2021: 3.5 pence per share) to be paid on 7 June
2023 to shareholders on the register on 5 May 2023; the ex-dividend
date is 4 May 2023. This makes a total dividend for the year of 5.7
pence per share (2021: 5.3 pence per share).
5. Provisions
Dilapidations Warranty Total
GBP'000 GBP'000 GBP'000
-------------- --------- --------
At 30 November 2021 296 4,372 4,668
Additional charge in the
year - 439 439
Utilisation of provision - (40) (40)
Release of provision - (1,120) (1,120)
Unwinding of discount 32 - 32
Exchange - 41 41
At 30 November 2022 328 3,692 4,020
-------------- --------- --------
Provisions arise from potential claims on major contracts, sale
warranties, and discounted dilapidations for leased property.
Matters that could affect the timing, quantum and extent to which
provisions are utilised or released, include the impact of any
remedial work, claims against outstanding performance bonds, and
the demonstrated life of the filtration equipment installed. The
outflow of economic benefits in relation to warranty provisions is
expected to be within one year, whilst the outflow on dilapidations
is expected to be greater than one year.
2022 2021
Analysis of total provisions GBP'000 GBP'000
-------- --------
Current 3,692 4,372
Non-current 328 296
--------
Net book value at 30 November 4,020 4,668
-------- --------
6. Contingent liabilities
At 30 November 2022, the Group had the following advanced
payment bonds (relating to monies received in advance on contracts)
and performance bonds:
$'000 EUR'000
------ --------
Advanced payment bonds - 657
Performance bonds 956 353
At 30 November 2022 956 1,010
------ --------
$'000 EUR'000
------ --------
Advanced payment bonds - 320
Performance bonds 2,549 811
At 30 November 2021 2,549 1,131
------ --------
$ 1.0 million (2021: $2.5 million) of the performance bonds
relate to the contracts for filtration systems provided for
gasification projects. These projects are being commissioned, a
process which is taking several years. The Group has provided its
best estimate of the amount of any potential loss arising from
rectification and claims arising on these contracts within the
GBP3.7 million warranty provisions disclosed in note 5. The
uncalled performance bonds are expected to be called or released no
later than December 2024.
7. Cash generated from operations
2022 2021
GBP'000 GBP'000
--------- ---------
Operating profit 19,810 15,842
Adjustments for:
Payment Protection Program loan waiver - (1,337)
Fair value movement of derivatives through
profit and loss (255) 43
Share-based payments 1,057 247
Depreciation of property, plant and equipment
and amortisation of intangibles 3,845 3,662
Depreciation of right-of-use assets 2,212 2,138
Impairment of property, plant and equipment 186 195
Impairment of right-of-use assets 14 150
Loss on disposal of property, plant and equipment - 68
Operating cash flows before movement in working
capital 26,869 21,008
--------- ---------
Increase in inventories (4,919) (476)
(Increase)/decrease in trade and other receivables (2,044) 215
Increase/(decrease) in trade and other payables 5,032 (256)
Decrease in provisions (783) (282)
Increase in working capital (2,714) (799)
--------- ---------
Post-employment benefits (net cash movement) (1,357) (1,585)
--------- ---------
Cash generated from operations 22,798 18,624
--------- ---------
8. Related parties
There were no related party transactions in the year ended 30
November 2022 other than Directors' compensation.
9. Basis of preparation
The results for the year ended 30 November 2022 have been
prepared in accordance with The Companies Act 2006 and UK-adopted
International Accounting Standards. The financial information
contained in this announcement does not constitute statutory
accounts as defined in Section 434 of The Companies Act 2006. The
financial information has been extracted from the financial
statements for the year ended 30 November 2022, which have been
approved by the Board of Directors and on which the auditors have
reported without qualification. The financial statements will be
delivered to the Registrar of Companies after the Annual General
Meeting. The financial statements for the year ended 30 November
2021, upon which the auditors reported without qualification, have
been delivered to the Registrar of Companies.
10. Annual general meeting
The Company's Annual General Meeting will be held at 11.00 a.m.
on Tuesday 18 April 2023 at the offices of Buchanan Communications,
107 Cheapside, London, EC2V 6DN.
11. Responsibility Statement
Each of the Directors confirms, to the best of their knowledge,
that:
-- the financial statements, on which this announcement is
based, have been prepared in accordance with The Companies Act 2006
and UK-adopted International Accounting Standards , and give a true
and fair view of the assets, liabilities, financial position, and
profit or loss of the Company and the undertakings included in the
consolidation taken as a whole; and
-- the review of the business includes a fair review of the
development and performance of the business and the position of the
Company and the undertakings included in the consolidation taken as
a whole, together with a description of the principal risks and
uncertainties that they face.
The Directors of Porvair are listed in the Porvair Annual Report
for the year ended 30 November 2021. Ami Sharma joined the Board on
1 January 2023. A list of current Directors is maintained on the
Porvair plc website, www.porvair.com . Copies of full accounts will
be sent to shareholders in March 2023. Additional copies will be
available from www.porvair.com.
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END
FR FLFSLLDITFIV
(END) Dow Jones Newswires
January 30, 2023 02:00 ET (07:00 GMT)
Porvair (LSE:PRV)
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