In an interim management statement, Porvair said that revenue in the first nine months of 2014 was 32% higher than the same period a year ago, while profit before tax was well ahead of last year.
Revenues in the Microfiltration division were up 40%. Manufacturing activity on the large POSCO, Reliance Industries and UK Government contracts contributed £17 million to revenue during the period. Underlying growth, excluding the one off impact of the large projects listed above, was 9%. Aerospace revenue continued to grow steadily and Seal Analytical traded well throughout the period. Porvair says that Microfiltration’s order books for the final quarter are healthy.
The Metals Filtration division also performed well, with revenue 15% ahead. Market share gains continue to be made, particularly in iron foundry filtration. The new plant in Wuhan, China, is performing as expected and revenue from aluminium filtration in China has been strong.
Porvair invested £3.9 million during the period in new facilities and additional plant to increase capacity. The new facility in New Milton is on schedule to open around the end of the calendar year and construction work has started on a plant extension in Caribou, Maine, USA.