LONDON (ShareCast) - Porvair is another of those British industrial companies doing all the right things on the global stage. It makes filters for aviation and energy markets and metals foundries and has increased revenues by an average of 11 per cent a year through the recession. More than half its production is in the UK. The key to future performance will be the introduction of new and increasingly sophisticated ranges of filters. More than four fifths of sales are of product that needs regular replacement, which gives some security of future earnings. Porvair is not immune to the world economy — in 2009, America’s carmakers shut up shop for four months and so did its business serving that industry. The shares, on about 17 times earnings, have had a fair run but look a good bet long term, The Times´s Tempus believes.

Gary Elden is taking over as chief executive of SThree at an uncertain time. The recruitment consultant decided in the second half of 2011 to invest in building its team of consultants in expectation of a recovery in the market that did not materialise. That left a legacy of higher fixed costs, while the company opened another four offices around the globe, bringing the total to 64 in 18 countries. So total net fee income was up 5% to £205.3m over the year but administrative expenses grew by 8.8% to £180.2m. This left profits before tax almost 17% lower at £25.3m. The shares, after their strong performance in the second half, sell on 22 times this year’s earnings. That looks toppy; investors should consider taking some profits unless they take a very rosy view of the global economy, Tempus says.

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