Follow us

Porvair (PRV)

Porvair - PRV - Equity Developments Investor Forum 27th Jan 2016

27 January 2016

Porvair (PRV) CEO Ben Stocks, CEO provides a whistle stop tour of full year results at the Equity Development’s Investor Forum 27.1.16

PRV achieved pre tax profit up 9%, £9.2m. At the top end of their stated achievable growth of 7-9% per annum.

PRV make specialist filters, supplying diversified markets: aviation, energy and industrial process, environmental, molten metals. All are growth markets. With 25% profit contribution from each sector.

Their filters are a small unit cost to service costly capital equipment. Often the filters are required under legislation, and the supplier has to be accredited. This creates strong barriers to entry, and guaranteed repeat business.

PRV have low CAPEX, with high cash generation. They use their cash for organic growth, (although opportunities are relatively limited), and they have a progressive dividend policy – currently 1.25% yield.

At the moment all markets look robust for 2016. Staff costs are the main cost (not raw materials – commodities). Their biggest threat would be destocking from a global recession – similar to what they experienced in 2009. Although they are not worried about this with the current market.

Ben Stocks runs through each division with highlights of what’s happened over the last year, and future prospects.

 

Presentation slides can be viewed here (a new window will open).

Listen on the go

About PIWORLD

PIWORLD provides investors with the latest news and insight about listed companies and their management through either live or recorded investor presentations, management interviews, Capital Market Days and corporate overviews, together with interviews with leading fund managers or esteemed private investors in the small cap world.

Our Services

PIWORLD delivers high quality audio and video content to present anything from full-year & interim results to Capital Markets Days and corporate overviews. We bridge the gap between listed companies and the private investor community, who drive the share price and provide liquidity, providing a time and cost effective medium to reach this diverse and important audience.