LONDON (ShareCast) - Environmental technology firm Porvair ramped up first half pre-tax profit as demand in its niche markets continues to grow but said its US markets have been quieter in the year to date and it remains cautious about the general economic outlook.

Pre-tax profit jumped 27% to £3.1m for the six months ended May 31st 2013 while revenue grew by 8% or 7% in constant currency to £38.6m.

Earnings per share increased 23% to 4.9p while net debt reduced by 22% to £3.0m.

Chief Executive Ben Stocks said: "We focus on niche markets which have structural growth drivers. 2013 has started satisfactorily and order books are healthy across the Group. Whilst some of our US markets have been quieter in the year to date, this has been balanced by strength elsewhere."

"The Board remains cautious about the general economic outlook but the second half has started well and we currently expect to see growth across the business in the rest of 2013. There remains plenty of opportunity in the Porvair businesses."

Porvair said it continues to invest in new product development, US expansion for Microfiltration and enlarged Chinese facilities for Metals Filtration.

In microfiltration revenue increased 15% while revenue in Metals Filtration fell 4% following global aluminium production curtailments. Stronger growth is expected in the second half.

"The board's outlook remains positive and management's expectations for the year have increased," it said.

An interim dividend of 1.1p has been recommended, up from 1.0p the previous year.

Its shares fell 4.61% to 284.75p at 08:30 in London.




CJ

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE