Porvair (LSE:PRV) has reported record results for the year ended 30 November 2025, with revenue increasing 1% to £194m and adjusted operating profit rising 7%. The improvement drove operating margins up to 13.5%, while cash generation remained robust, with closing cash climbing to £22.9m despite elevated capital expenditure. Reflecting the performance, the board proposed a higher full-year dividend and indicated that a capital markets event is planned for later in 2026.
Performance varied across end markets during the year. Strong demand from the aerospace sector in the second half, together with steady activity in laboratory and environmental applications, helped offset softer conditions in petrochemical and certain industrial markets. Management reiterated confidence in the group’s long-term growth drivers, pointing to the completion of a strategic review, the formation of an executive committee, and the establishment of a dedicated M&A capability.
Since the year end, Porvair has continued to build momentum with the acquisition of Drache Umwelttechnik and investment in additional aluminium filtration capacity, supporting both organic expansion and bolt-on growth opportunities.
Overall, the company’s outlook is underpinned by solid financial delivery and supportive technical indicators, with recent governance and strategic initiatives adding further strength. This is balanced by a valuation that appears only moderately compelling and limited recent earnings call disclosure, which restricts visibility on near-term management guidance.
More about Porvair
Porvair plc is a specialist filtration, laboratory, and environmental technology group serving aerospace, industrial, petrochemical, aluminium, superalloy, laboratory, and environmental markets worldwide. Its engineered, regulation-driven products are typically designed into long-life systems, providing recurring revenue streams and exposure to long-term structural trends such as environmental regulation, growth in analytical science, clean water demand, and more carbon-efficient transportation.
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