TIDMPRV
RNS Number : 1041R
Porvair PLC
04 July 2022
For immediate release 4 July 2022
Porvair plc
Interim results for the six months ended 31 May 2022
Porvair plc ("Porvair" or "the Group"), the specialist
filtration, laboratory and environmental technology group,
announces its interim results for the six months ended 31 May 2022
("H1 2022" or the "period").
Highlights:
-- Revenue 18% higher at GBP82.3 million (2021: GBP69.7
million), 16% higher on a constant currency basis*.
-- Operating profit 9% higher at GBP10.1 million (2021: GBP9.3 million).
-- Adjusted operating profit* 14% higher at GBP10.4 million (2021: GBP9.1 million).
-- Profit before tax 7% higher at GBP9.5 million (2021: GBP8.9 million).
-- Adjusted profit before tax* 14% higher at GBP9.8 million (2021: GBP8.6 million).
-- Adjusted basic earnings per share* were 16.6 pence (2021: 14.8 pence).
-- Basic earnings per share were 16.1 pence (2021: 16.4 pence,
flattered by adjusting items. See note 1) .
-- Net cash was GBP12.2 million (31 May 2021: GBP6.2 million; 30
November 2021: GBP10.2 million) after investing GBP2.3 million
(2021: GBP2.0 million) in capital expenditure.
-- Interim dividend increased 0.1 pence per share to 1.9 pence (2021: 1.8 pence).
Commenting on the outlook, Ben Stocks, Chief Executive,
said:
"This is a record set of Interim results with growth in all
three divisions, showing that the Group is performing well and has
managed wide-spread supply dislocation and inflationary pressures
satisfactorily thus far. Porvair remains well positioned to address
long-term global growth trends: tightening environmental
regulations; growth in analytical science; the need for clean
water; carbon-efficient transportation; the replacement of plastic
and steel with aluminium; and the drive for manufacturing process
quality and efficiency.
The strong current order book is flattered in places by extended
lead times, but the underlying order position remains healthy, with
aerospace and laboratory demand notably stronger than one year ago.
The focus for the coming months is on margins. The Group will
continue to pass on cost increases where necessary and has
accelerated investments in productivity. 2022 has started strongly
and provided economic conditions allow the outlook for the balance
of the year is promising."
*See notes 1, 2 and 3 for definitions and reconciliations.
For further information please contact:
Porvair plc 01553 765 500
Ben Stocks, Chief Executive
James Mills, Group Finance Director
Buchanan Communications 020 7466 5000
Charles Ryland / Steph Whitmore
/ George Cleary
An analyst briefing will take place at 9:30 a.m. on Monday 4
July 2022, please contact Buchanan if you wish to join. An
audiocast of the meeting and the presentation will subsequently be
made available at www.porvair.com
Operating review
The last twelve months have seen revenue and earnings growth
despite headwinds from supply-side challenges and inflationary
pressures. At the start of 2022, supply chain dislocation had
started to ease somewhat, but inflationary pressure continued to
build and war in Europe, along with renewed covid outbreaks in
China, increased volatility. While the Group has navigated these
issues satisfactorily thus far, we remain vigilant and expect
inflationary and supply problems to persist well into 2023.
Despite these conditions the Group delivered revenue growth of
18% in the first half of 2022, with all three divisions
contributing. Excluding currency and acquisitions, revenue growth
was 15%. This was in part driven by strong order books through the
period, and in part due to price increases implemented over the
last year. Laboratory demand was expected to settle as the direct
effects of the pandemic eased, but this has not noticeably been the
case yet. The aerospace forward orderbook is better than it has
been since 2019. Aluminium production is also robust.
In inflationary times the management of margin is critical. We
pass on direct cost increases and have stepped up investments aimed
at productivity and automation. Porvair's devolved management
structure is helpful in these conditions with key cost, price and
inventory decisions made close to the market.
Financial summary
H1 2022 H1 2021 Growth
GBPm GBPm %
-------- -------- -------
Revenue 82.3 69.7 18
-------- -------- -------
Operating profit 10.1 9.3 9
-------- -------- -------
Adjusted operating profit* 10.4 9.1 14
-------- -------- -------
Profit before tax 9.5 8.9 7
-------- -------- -------
Adjusted profit before tax* 9.8 8.6 14
-------- -------- -------
Pence Pence
Earnings per share 16.1 16.4 (2)
-------- -------- -------
Adjusted earnings per share* 16.6 14.8 12
-------- -------- -------
GBPm GBPm
Cash generated from operations 7.2 6.1
-------- --------
Net cash (excluding lease liabilities) 12.2 6.2
-------- --------
*See notes 1, 2 and 3 for definitions and reconciliations.
Revenue was 18% higher (16% at constant currency). Operating
profit was 9% higher at GBP10.1 million. Profit before tax
increased by 7%. Adjusted earnings per share increased 12% to 16.6
pence. Net cash at 31 May 2022 was GBP12.2 million.
The Group's record for growth, cash generation and investment is
as follows:
5 years 10 years 15 years
CAGR* CAGR* CAGR*
Revenue growth 7% 8% 9%
Earnings per share growth 8% 12% 10%
Adjusted earnings per share growth 9% 12% 10%
-------- --------- ---------
GBPm GBPm GBPm
Cash from operations 81.9 141.8 175.7
Investment in acquisitions and capital
expenditure 43.1 76.6 93.9
-------- --------- ---------
* Compound annual growth rate
Porvair's strategy and purpose has remained consistent for over
17 years, a period that now encompasses two recessions, a pandemic,
and many years of growth. This longer-term growth record gives the
Board confidence in the Group's capabilities and is the basis for
longer-term capital allocation and planning decisions.
Strategic statement and business model
Porvair's strategic purpose is the development of specialist
filtration, laboratory and environmental technology businesses for
the benefit of all stakeholders. Principal measures of success
include consistent earnings growth and selected ESG measures. The
Group publishes a full ESG report at the time of the annual Final
Results.
The Group is positioned to benefit from global trends:
tightening environmental regulations; growth in analytical science;
the need for clean water; carbon-efficient transportation; the
replacement of plastic and steel by aluminium; and the drive for
manufacturing process quality and efficiency.
Porvair businesses have certain key characteristics in
common:
-- Specialist design or engineering skills are required;
-- Product use and replacement is mandated by regulation,
quality accreditation or a maintenance cycle; and
-- Products are typically designed into a system that will have
a long life-cycle and must perform to a given specification.
Orders are won by offering the best technical solutions at an
acceptable commercial cost. Technical expertise is necessary in all
markets served. New products are often adaptations of existing
designs with attributes validated in our own test and measurement
laboratories. Experience in specific markets and applications is
valuable in building customer confidence. Domain knowledge is
important, as is deciding where to direct resources.
This leads the Group to:
1. Focus on markets with long-term growth potential.
2. Look for applications where product use is mandated and replacement demand is regular.
3. Make new product development a core business activity.
4. Establish geographic presence where end-markets require.
5. Invest in both organic and acquired growth.
Therefore:
-- We focus on three operating segments: Aerospace &
Industrial; Laboratory; and Metal Melt Quality. All have clear
long-term growth drivers.
-- Our products typically reduce emissions or protect complex
downstream systems and, as a result, are
replaced regularly. A high proportion of our annual revenue is from repeat orders.
-- Through a focus on new product development, we aim to
generate growth rates in excess of the underlying
market. Where possible, we build intellectual property around our product developments.
-- Our geographic presence follows the markets we serve. In the
last twelve months, 49% of revenue was in the Americas; 18% in
Asia; 22% in Continental Europe; and 10% in the UK; and 1% in
Africa. The Group has plants in the US, UK, Germany, the
Netherlands and China. In the last twelve months, 51% of revenue
was manufactured in the US; 30% in the UK; 15% in Continental
Europe; and 4% in China.
-- We aim to meet dividend and investment needs from free cash
flow and modest borrowing facilities. In recent years we have
expanded manufacturing capacity in the UK, Germany, US and China,
and have made several acquisitions. All investments are subject to
a hurdle rate analysis based on strategic and financial
priorities.
Environmental, Social and Governance ('ESG')
The Board understands that responsible business development is
essential for creating long-term value for stakeholders. Most of
the products made by Porvair are used to the benefit of the
environment. Our water analysis equipment measures contamination
levels in water. Industrial filters are typically needed to reduce
emissions or improve efficiency. Aerospace filters improve safety
and reliability. Nuclear filters confine fissile materials. Metal
Melt Quality filters reduce waste and help improve the strength to
weight ratio of metal components.
A full ESG report was published in February 2022 setting out the
Group's ESG management framework and goals. This will be updated in
February 2023.
Divisional review
Aerospace & Industrial
H1 2022 H1 2021 Growth
GBPm GBPm %
-------- -------- -------
Revenue 30.7 26.0 18
-------- -------- -------
Operating profit 2.9 2.1 38
-------- -------- -------
Adjusted operating profit* 3.1 2.5 24
-------- -------- -------
*See notes 1, 2 and 3 for definitions and reconciliations.
The Aerospace & Industrial division designs and manufactures
a wide range of specialist filtration products, demand for which is
driven by customers seeking better engineered, cleaner, safer or
more efficient operations. Differentiation is achieved through
design engineering; the development of intellectual property; and
quality accreditations.
Revenue in the period increased by 18%. Aerospace revenues
increased for the first time since 2019 and the forward order book
is returning to more normal levels. We have used the
pandemic-induced quieter period since 2020 to invest in automation
and productivity and the benefits of this are starting to
materialise as aerospace volume returns. Industrial filtration has
started 2022 well. Timing of certain petrochemical contracts has
drifted but this has been balanced by strong demand in general
industrial filtration in both the US and Europe. Microelectronics
continues to grow. With better aerospace volumes, adjusted margins
are higher in 2022 at 10.1%.
Laboratory
H1 2022 H1 2021 Growth
GBPm GBPm %
-------- -------- -------
Revenue 30.8 25.2 22
-------- -------- -------
Operating profit 5.9 4.9 20
-------- -------- -------
Adjusted operating profit* 6.1 4.8 27
-------- -------- -------
*See notes 1, 2 and 3 for definitions and reconciliations.
The Laboratory division has two operating businesses: Porvair
Sciences (including JGF Finneran and Kbio) and Seal Analytical.
-- Porvair Sciences manufactures laboratory filters, small
instruments and associated consumables. Differentiation is achieved
through proprietary manufacturing capabilities and filtration
media.
-- Seal Analytical is a leading supplier of instruments and
consumables for environmental laboratories, for which demand is
driven by water quality regulations. Differentiation is achieved
through consistent new product development.
Revenue grew by 22% in the period, or 19% excluding
acquisitions. Demand for laboratory consumables remained robust,
while demand for covid-related components fell, but by less than
expected. Seal Analytical sales were up 18%.
The division continues to perform strongly, driven by the global
expansion in diagnostic, analytic and environmental laboratory
capacity. The Group's expertise is in sample preparation products,
chromatography consumables and clean water analysis. Investment has
been made in expanding capacity, improving sales channels and
accelerating new product development. Seal Analytical has a good
record of product introductions. Its latest analyser, which
incorporates robotic handling capability, has secured its first
sales in 2022. Adjusted operating margins in the division were
steady at 19.8%.
Metal Melt Quality
H1 2022 H1 2021 Growth
GBPm GBPm %
-------- -------- -------
Revenue 20.8 18.4 13
-------- -------- -------
Operating profit 2.8 3.6 (22)
-------- -------- -------
Adjusted operating profit* 2.8 3.0 (7)
-------- -------- -------
*See notes 1, 2 and 3 for definitions and reconciliations.
The Metal Melt Quality division manufactures filters for molten
aluminium, ductile iron and nickel-cobalt alloys. It has a
well-differentiated product range based on patented products and a
promising new product pipeline.
Revenue grew by 13%, helped by a partial recovery of
aerospace-related filters. Aluminium demand in 2022 has been
robust, driven by the switch from plastic to recyclable aluminium
in beverage packaging and the higher proportion of aluminium used
in electric and hybrid vehicles.
As outlined this time last year, adjusted margins in H1 2021
(16.3%) were flattered by lower sales and marketing costs. The
Board notes that the 13.5% adjusted operating margin recorded in H1
2022 is good relative to historic averages and is driven by
operational efficiency, productivity investments, and active
management of cost and price issues.
Alternative performance measures
H1 2022 H1 2021 Growth
GBPm GBPm %
-------- -------- -------
Adjusted operating profit 10.4 9.1 14
-------- -------- -------
Adjusted profit before tax 9.8 8.6 14
-------- -------- -------
Adjusted profit after tax 7.6 6.8 12
-------- -------- -------
The Group presents alternative performance measures to enable a
better understanding of its trading performance.
Adjusted operating profit and adjusted profit before tax exclude
items that are considered significant and where treatment as an
adjusting item provides a more consistent assessment of the Group's
trading. Adjusted operating profit excludes a GBP0.3 million charge
for the amortisation of acquired intangible assets (2021: GBP0.3
million of net income) from operating profit. The details of these
adjustments are set out in note 1.
Finance costs
The Group incurred an interest charge of GBP0.6 million (2021:
GBP0.5 million): GBP0.1 million (2021: GBP0.2 million) relates to
the finance cost of the defined benefit pension scheme; GBP0.2
million (2021: GBP0.2 million) relates to the interest charge on
lease liabilities; and GBP0.1 million (2021: GBP0.1 million)
relates to the cost of unwinding discounts on provisions and other
payables. The remainder comprises undrawn commitment fees and
interest on the Group's banking facilities.
Tax
The Group tax charge was GBP2.1 million (2021: GBP1.3 million),
including the tax effect of adjusting items (see note 1). The
adjusted income tax expense was GBP2.2 million (2021: GBP1.8
million), with the underlying rate of income tax for the period on
adjusted measures being 22% (2021: 21%).
Earnings per share and dividends
The basic earnings per share for the period was 16.1 pence
(2021: 16.4 pence). Adjusted earnings per share was 16.6 pence
(2021: 14.8 pence).
The Board has declared an interim dividend of 1.9 pence (2021:
1.8 pence) per share.
Investment
In the last five years, GBP 43.1 million has been invested in
acquisitions and capacity expansion. The Group invested GBP2.3
million in capital expenditure in the first half of 2022 (2021:
GBP2.0 million).
Cash flow, cash and net debt
Cash generated from operations in the six months to 31 May 2022
was GBP 7.2 million (2021: GBP6.1 million). The Group normally sees
an outflow of working capital in the first half of the year.
Working capital increased by GBP4.9 million (2021: GBP3.8 million)
in the period.
Net cash at 31 May 2022 was GBP12.2 million (31 May 2021: GBP6.2
million; 30 November 2021: GBP10.2 million). Lease liabilities were
GBP 11.5 million (31 May 2021: GBP12.8 million; 30 November 2021:
GBP12.2 million).
Provisions and contingent liabilities
The Group has GBP4.5 million (30 November 2021: GBP4.7 million)
of provisions for dilapidations and warranty risks.
The Group has outstanding performance bonds with customers at 31
May 2022 of $2.5 million (30 November 2021: $2.5 million) and
EUR0.4 million (30 November 2021: EUR0.8 million).
Return on capital employed
The Group's return on capital employed was 13% (2021: 11%).
Excluding the impact of goodwill and the pension deficit, the
return on operating capital employed was 33% (2021: 29%).
Outlook
While the Group has managed supply dislocation and inflationary
pressure satisfactorily thus far, both are expected to persist for
the rest of 2022. Longer-term, Porvair remains well positioned to
address global growth trends: tightening environmental regulations;
growth in analytical science; the need for clean water;
carbon-efficient transportation; the replacement of plastic and
steel by aluminium; and the drive for manufacturing process quality
and efficiency.
The strong current order book is flattered in places by extended
lead times, but the underlying order position remains healthy, with
aerospace and laboratory demand notably stronger than one year ago.
The focus for the coming months is on margins. The Group will
continue to pass on cost increases where necessary and has
accelerated investments in productivity. 2022 has started strongly
and provided economic conditions allow the outlook for the balance
of the year is promising.
Ben Stocks
Group Chief Executive
1 July 2022
Related parties
Other than remuneration of key management personnel, there were
no related party transactions in the six months ended 31 May 2022
(2021: none).
Principal risks
Each division considers strategic, operational and financial
risks and identifies actions to mitigate those risks. These risk
profiles are reviewed by the Board and updated at least annually.
Further details of the Group's risk profile analysis can be found
in the Strategic Report section of the Annual Report & Accounts
for the year ended 30 November 2021.
Certain elements of the Group's order position can change
quickly in the face of changing economic circumstances. The Metal
Melt Quality division, Laboratory division and general industrial
filtration within the Aerospace & Industrial division all have
relatively short lead times and order cycles and, therefore,
revenue is subject to fluctuations which could have a material
effect on the Group's results for the balance of 2022.
Forward-looking statements
Certain statements in this interim financial information are
forward-looking. Although the Group believes that the expectations
reflected in these forward-looking statements are reasonable, it
can give no assurance that these expectations will prove to have
been correct. Because these statements involve risks and
uncertainties, actual results may differ materially from those
expressed or implied by these forward-looking statements.
We undertake no obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Condensed consolidated income statement
For the six months ended 31 May
Six months ended
31 May
----------------------
2022 2021
Note Unaudited Unaudited
GBP'000 GBP'000
---------- ----------
Revenue 1,2 82,280 69,654
Cost of sales (55,018) (46,759)
---------- ----------
Gross profit 27,262 22,895
Other operating expenses (17,185) (13,566)
---------------------------------------------- ----- ---------- ----------
Adjusted operating profit 1,2 10,412 9,066
Adjustments:
Amortisation of acquired intangible assets (335) (402)
Other acquisition-related adjustments - (80)
Impairment of assets and restructuring
costs - (592)
Paycheck Protection Program - 1,337
----------------------------------------------
Operating profit 1,2 10,077 9,329
Finance costs (566) (479)
Profit before tax 9,511 8,850
---------------------------------------------- ----- ---------- ----------
Adjusted income tax expense (2,202) (1,768)
Adjustments:
Tax effect of adjustments to operating
profit 1 67 472
---------------------------------------------- ----- ---------- ----------
Income tax expense (2,135) (1,296)
---------- ----------
Profit for the period 7,376 7,554
Earnings per share (basic) 3 16.1p 16.4p
Earnings per share (diluted) 3 16.1p 16.4p
Adjusted earnings per share (basic) 3 16.6p 14.8p
Adjusted earnings per share (diluted) 3 16.6p 14.8p
Condensed consolidated statement of comprehensive income
For the six months ended 31 May
Six months ended
31 May
----------------------------
Note 2022 2021
Unaudited Unaudited
GBP'000 GBP'000
-----------
Profit for the period 7,376 7,554
----------- ---------
Other comprehensive income/(expense)
Items that will not be reclassified
to profit and loss:
Actuarial gain in defined benefit
pension plans net of tax 9 3,037 2,515
----------- ---------
Items that may be subsequently reclassified
to profit or loss:
Exchange gain/(loss) on translation
of foreign subsidiaries 3,329 (4,301)
----------- ---------
Total other comprehensive income/(expense)
for the period 6,366 (1,786)
----------- ---------
Total comprehensive income for the
period 13,742 5,768
----------- ---------
The accompanying notes are an integral part of this interim
financial information.
Condensed consolidated balance sheet
As at 31 May
As at 30
As at 31 May November
------------------------ ----------
Note 2022 2021 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------- ----------- ----------
Non-current assets
Property, plant and equipment 22,705 20,427 21,235
Right-of-use assets 10,207 11,878 11,014
Goodwill and other intangible
assets 75,630 71,962 74,103
Deferred tax asset 342 1,257 1,821
----------- ----------- ----------
108,884 105,524 108,173
----------- ----------- ----------
Current assets
Inventories 28,266 24,418 24,650
Trade and other receivables 28,109 22,428 21,344
Derivative financial instruments - 214 -
Cash and cash equivalents 15,988 15,501 15,442
----------- ----------- ----------
72,363 62,561 61,436
----------- ----------- ----------
Current liabilities
Trade and other payables (28,478) (23,429) (21,702)
Current tax liabilities (1,246) (469) (853)
Borrowings - (1,796) -
Lease liabilities (2,097) (2,071) (2,207)
Derivative financial instruments (269) - (20)
Provisions 8 (4,177) (3,884) (4,372)
----------- ----------- ----------
(36,267) (31,649) (29,154)
----------- ----------- ----------
Net current assets 36,096 30,912 32,282
----------- ----------- ----------
Non-current liabilities
Borrowings (3,754) (7,553) (5,217)
Deferred tax liability (2,472) (2,835) (2,425)
Retirement benefit obligations 9 (7,102) (10,871) (12,602)
Other payables (900) (1,900) (945)
Lease liabilities (9,395) (10,682) (10,024)
Provisions 8 (312) (282) (296)
----------
(23,935) (34,123) (31,509)
----------- ----------- ----------
Net assets 121,045 102,313 108,946
----------- ----------- ----------
Capital and reserves
Share capital 924 923 924
Share premium account 37,078 36,981 37,078
Cumulative translation reserve 10,986 3,344 7,657
Retained earnings 72,057 61,065 63,287
----------- ----------- ----------
Equity attributable to owners
of the parent 121,045 102,313 108,946
----------- ----------- ----------
The interim financial information was approved by the Board of
Directors on 1 July 2022 and was signed on its behalf by:
Ben Stocks James Mills
Group Chief Executive Group Finance Director
The accompanying notes are an integral part of this interim
financial information.
Condensed consolidated cash flow statement
For the six months ended 31 May
Six months ended 31
May
--------------------------------
Note 2022 Unaudited 2021 Unaudited
GBP'000 GBP'000
--------------- ---------------
Cash flows from operating activities
Cash generated from operations 5 7,239 6,078
Interest paid (194) (138)
Tax paid (1,400) (916)
--------------- ---------------
Net cash generated from operating
activities 5,645 5,024
--------------- ---------------
Cash flows from investing activities
Acquisition of subsidiaries (net of
cash acquired) - (1,694)
Purchase of property, plant and equipment (2,310) (1,987)
Purchase of intangible assets (43) (14)
Proceeds from sale of property, plant 16 -
and equipment
Net cash used in investing activities (2,337) (3,695)
--------------- ---------------
Cash flows from financing activities
Net proceeds from the issue of ordinary
shares - 54
Purchase of Employee Benefit Trust
shares (406) (332)
(Decrease)/increase in borrowings 6 (1,350) 434
Repayment of lease liabilities (1,208) (1,137)
Net cash used in financing activities (2,964) (981)
--------------- ---------------
Net increase in cash and cash equivalents 6 344 348
Exchange gains/(losses) on cash and
cash equivalents 202 (410)
--------------- ---------------
546 (62)
Cash and cash equivalents at the beginning
of the period 15,442 15,563
--------------- ---------------
Cash and cash equivalents at the end
of the period 15,988 15,501
--------------- ---------------
The accompanying notes are an integral part of this interim
financial information.
Condensed consolidated statement of changes in equity
For the six months ended 31 May (Unaudited)
Share Cumulative
Share premium translation Retained
capital account reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------- --------- ------------- ----------- ----------
Balance at 1 December 2020 923 36,927 7,645 52,697 98,192
---------- --------- ------------- ----------- ----------
Profit for the period - - - 7,554 7,554
Other comprehensive income/(expense) - - (4,301) 2,515 (1,786)
Total comprehensive income
for the period - - (4,301) 10,069 5,768
---------- --------- ------------- ----------- ----------
Purchase of own shares (held
in trust) - - - (332) (332)
Issue of ordinary share capital - 54 - - 54
Employee share option schemes - - - 148 148
Ordinary share dividends - - - (1,517) (1,517)
---------- --------- ------------- ----------- ----------
Balance at 31 May 2021 923 36,981 3,344 61,065 102,313
---------- --------- ------------- ----------- ----------
Share Cumulative
Share premium translation Retained
capital account reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------- --------- ------------- ----------- ----------
Balance at 1 December 2021 924 37,078 7,657 63,287 108,946
---------- --------- ------------- ----------- ----------
Profit for the period - - - 7,376 7,376
Other comprehensive income - - 3,329 3,037 6,366
Total comprehensive income
for the period - - 3,329 10,413 13,742
---------- --------- ------------- ----------- ----------
Purchase of own shares (held
in trust) - - - (406) (406)
Employee share option schemes - - - 369 369
Ordinary share dividends - - - (1,606) (1,606)
---------- --------- ------------- ----------- ----------
Balance at 31 May 2022 924 37,078 10,986 72,057 121,045
---------- --------- ------------- ----------- ----------
The accompanying notes are an integral part of this interim
financial information.
Notes to the condensed interim consolidated financial
information
1. Alternative performance measures
Alternative performance measures are used by the Directors and
management to monitor business performance internally and exclude
certain cash and non-cash items which they believe are not
reflective of the normal course of business of the Group. The
Directors believe that disclosing such non-IFRS measures enables a
reader to isolate and evaluate the impact of such items on results
and allows for a fuller understanding of performance from year to
year. Alternative performance measures may not be directly
comparable with other similarly titled measures used by other
companies.
Alternative revenue measures
Six months ended
31 May
2022 2021 Growth
Aerospace & Industrial GBP'000 GBP'000 %
--------- -------- -------
Revenue at constant currency 29,971 25,564 17
Exchange 714 481
--------- --------
Revenue as reported 30,685 26,045 18
--------- -------- -------
Laboratory
Underlying revenue 26,371 22,504 17
Acquisitions 3,469 2,296
--------- -------- -------
Revenue at constant currency 29,840 24,800 20
Exchange 935 445
--------- -------- -------
Revenue as reported 30,775 25,245 22
--------- -------- -------
Metal Melt Quality
Revenue at constant currency 19,355 17,841 8
Exchange 1,465 523
--------- -------- -------
Revenue as reported 20,820 18,364 13
--------- -------- -------
Group
Underlying revenue 75,697 65,909 15
Acquisitions 3,469 2,296
--------- -------- -------
Revenue at constant currency 79,166 68,205 16
Exchange 3,114 1,449
--------- -------- -------
Revenue as reported 82,280 69,654 18
--------- -------- -------
Revenue at constant currency is derived from translating
overseas subsidiaries results at budgeted fixed exchange rates. In
2022 and 2021, the rates used were $1.40:GBP1 and EUR1.20:GBP1,
compared with reported rates of $1.31:GBP1 (2021: $1.38:GBP1) and
EUR1.19:GBP1 (2021: EUR1.14:GBP1).
Underlying revenue is revenue at constant currency adjusted for
the impact of acquisitions made in the current and prior year.
Alternative profit measures
A reconciliation of the Group's adjusted performance measures to
the reported IFRS measures is presented below:
H1 2022 H1 2021
Adjusted Adjustments Reported Adjusted Adjustments Reported
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- ------------ --------- --------- ------------ ---------
Operating profit 10,412 (335) 10,077 9,066 263 9,329
Finance costs (566) - (566) (479) - (479)
--------- ------------ --------- --------- ------------ ---------
Profit before tax 9,846 (335) 9,511 8,587 263 8,850
Income tax expense (2,202) 67 (2,135) (1,768) 472 (1,296)
Profit for the
period 7,644 (268) 7,376 6,819 735 7,554
--------- ------------ --------- --------- ------------ ---------
An analysis of adjusting items is given below:
2022 2021
Affecting operating profit GBP'000 GBP'000
----------- --------
Amortisation of acquired intangible assets (335) (402)
Other acquisition-related adjustments - (80)
Impairment of assets and restructuring costs - (592)
Paycheck Protection Program - 1,337
(335) 263
----------- --------
Affecting tax
Tax effect of adjustments to operating profit 67 472
Total adjusting items (268) 735
----------- --------
Adjusted operating profit excludes:
-- The amortisation of intangible assets arising on acquisition
of businesses of GBP0.3 million (2021: GBP0.4 million);
-- Other acquisition-related costs of GBPnil (2021: GBP0.1
million in relation to the acquisition of Kbio);
-- Covid-19 related impairment of assets and restructuring costs
of GBPnil (2021: GBP0.6 million, principally within the Aerospace
& Industrial division); and
-- Monies received under the US Paycheck Protection Program of
GBPnil (2021: GBP1.3 million, for proceeds received in relation to
eligible costs incurred within the US operations during the covid
pandemic, as disclosed in the Annual Report & Accounts for the
year ended 30 November 2021 ).
The 2021 tax effect of adjustments to operating profit includes
a credit in relation to eligible costs incurred in the prior year,
associated with the US Paycheck Protection Program and previously
treated as disallowed for tax. The GBP1.3 million Paycheck
Protection Program income in 2021 does not attract US tax. These
items combined contribute to the tax credit on net adjusting
items.
2. Segmental information
The chief operating decision maker has been identified as the
Board of Directors. The Board of Directors has instructed the
Group's internal reporting to be based around differences in
products and services, in order to assess performance and allocate
resources. Management has determined the operating segments based
on this reporting.
As at 31 May 2022, the Group is organised on a worldwide basis
into three operating segments:
1) Aerospace & Industrial - principally serving the aviation, and energy and industrial markets;
2) Laboratory - principally serving the bioscience and
environmental laboratory instrument and consumables market; and
3) Metal Melt Quality - principally serving the global
aluminium, North American Free Trade Agreement (NAFTA) iron foundry
and super-alloys markets.
Other Group operations' costs, assets and liabilities are
included in the "Central" division. Central costs mainly comprise
Group corporate costs, including new business development costs,
some research and development costs and general financial costs.
Central assets and liabilities mainly comprise Group retirement
benefit obligations, tax assets and liabilities, cash and
borrowings.
The segment results for the period ended 31 May 2022 are as
follows:
2022 - Unaudited Aerospace Metal
& Industrial Laboratory Melt Central Group
Quality
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------------- --------- ---------- --------
Total segment revenue 30,769 31,797 20,820 - 83,386
Inter-segment revenue (84) (1,022) - - (1,106)
-------------- ------------- --------- ---------- --------
Revenue 30,685 30,775 20,820 - 82,280
-------------- ------------- --------- ---------- --------
Adjusted operating
profit/(loss) 3,091 6,064 2,782 (1,525) 10,412
Amortisation of acquired
intangible assets (182) (153) - - (335)
-------------------------- -------------- ------------- --------- ---------- --------
Operating profit/(loss) 2,909 5,911 2,782 (1,525) 10,077
Finance costs - - - (566) (566)
--------------
Profit/(loss) before
tax 2,909 5,911 2,782 (2,091) 9,511
-------------- ------------- --------- ---------- --------
The segment results for the period ended 31 May 2021 are as
follows:
2021 - Unaudited Aerospace Metal
& Industrial Laboratory Melt Quality Central Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------------- -------------- ---------- --------
Total segment revenue 26,126 26,156 18,364 - 70,646
Inter-segment revenue (81) (911) - - (992)
-------------- ------------- -------------- ---------- --------
Revenue 26,045 25,245 18,364 - 69,654
-------------- ------------- -------------- ---------- --------
Adjusted operating
profit/(loss) 2,455 4,753 2,994 (1,136) 9,066
Amortisation of acquired
intangible assets (211) (191) - - (402)
Other acquisition-related
adjustments - - - (80) (80)
Impairment of assets
and restructuring (592) - - - (592)
Paycheck Protection
Program 407 295 635 - 1,337
Operating profit/(loss) 2,059 4,857 3,629 (1,216) 9,329
Finance costs - - - (479) (479)
-------------- ------------- -------------- ---------- --------
Profit/(loss) before
tax 2,059 4,857 3,629 (1,695) 8,850
-------------- ------------- -------------- ---------- --------
The segment assets and liabilities at 31 May 2022 are as
follows:
At 31 May 2022 - Unaudited Aerospace Metal
& Industrial Laboratory Melt Quality Central Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------------- -------------- ---------- ---------
Segmental assets 77,124 57,114 30,777 244 165,259
Cash and cash equivalents - - - 15,988 15,988
-------------- ------------- -------------- ---------- ---------
Total assets 77,124 57,114 30,777 16,232 181,247
-------------- ------------- -------------- ---------- ---------
Segmental liabilities (20,481) (15,358) (7,015) (6,492) (49,346)
Retirement benefit
obligations - - - (7,102) (7,102)
Borrowings - - - (3,754) (3,754)
-------------- ------------- -------------- ---------- ---------
Total liabilities (20,481) (15,358) (7,015) (17,348) (60,202)
-------------- ------------- -------------- ---------- ---------
The segment assets and liabilities at 31 May 2021 are as
follows:
At 31 May 2021 - Unaudited Aerospace Metal
& Industrial Laboratory Melt Quality Central Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------------- -------------- ---------- ---------
Segmental assets 72,098 51,639 26,542 2,305 152,584
Cash and cash equivalents - - - 15,501 15,501
-------------- ------------- -------------- ---------- ---------
Total assets 72,098 51,639 26,542 17,806 168,085
-------------- ------------- -------------- ---------- ---------
Segmental liabilities (18,434) (15,983) (5,226) (5,909) (45,552)
Retirement benefit
obligations - - - (10,871) (10,871)
Borrowings - - - (9,349) (9,349)
-------------- ------------- -------------- ---------- ---------
Total liabilities (18,434) (15,983) (5,226) (26,129) (65,772)
-------------- ------------- -------------- ---------- ---------
The segment assets and liabilities at 30 November 2021 are as
follows:
At 30 November 2021 Aerospace Metal
- Audited & Industrial Laboratory Melt Quality Central Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------------- -------------- ---------- ---------
Segmental assets 70,038 51,720 30,087 2,322 154,167
Cash and cash equivalents - - - 15,442 15,442
-------------- ------------- -------------- ---------- ---------
Total assets 70,038 51,720 30,087 17,764 169,609
-------------- ------------- -------------- ---------- ---------
Segmental liabilities (19,242) (12,675) (5,747) (5,180) (42,844)
Retirement benefit
obligations - - - (12,602) (12,602)
Borrowings - - - (5,217) (5,217)
-------------- ------------- -------------- ---------- ---------
Total liabilities (19,242) (12,675) (5,747) (22,999) (60,663)
-------------- ------------- -------------- ---------- ---------
Geographical analysis
Six months ended 31 May
--------------------------------------------------------
2022 2021
Unaudited Unaudited
Revenue By destination By origin By destination By origin
GBP'000 GBP'000 GBP'000 GBP'000
--------------- ---------- --------------- ----------
United Kingdom 8,735 25,794 6,717 19,840
Continental Europe 18,961 10,146 15,693 12,447
United States of America 37,171 43,961 29,949 34,550
Other NAFTA 1,734 - 1,529 -
South America 987 - 882 -
Asia 13,558 2,379 14,312 2,817
Africa 1,134 - 572 -
--------------- ---------- --------------- ----------
82,280 82,280 69,654 69,654
--------------- ---------- --------------- ----------
3. Earnings per share (EPS)
Six months ended 31 May
------------------------------------------------------------------------
2022 2021
Unaudited Unaudited
As reported Earnings Weighted Per share Earnings Weighted Per share
average amount average amount
number number
GBP'000 of shares Pence GBP'000 of shares Pence
--------- ------------ ---------- --------- ------------ ----------
Profit for the
period - attributable
to owners of
the parent 7,376 7,554
Shares in issue 46,201,685 46,162,623
Shares owned
by the Employee
Benefit Trust (289,162) (167,788)
Basic EPS 7,376 45,912,523 16.1 7,554 45,994,835 16.4
Dilutive share
options outstanding - 42,640 - - 20,457 -
--------- ------------ ---------- --------- ------------ ----------
Diluted EPS 7,376 45,955,163 16.1 7,554 46,015,292 16.4
--------- ------------ ---------- --------- ------------ ----------
In addition to the above, the Group also calculates an earnings
per share based on adjusted profit as the Board believes this to be
a better measure to judge the progress of the Group, as discussed
in note 1.
Six months ended 31 May
2022 2021
Unaudited Unaudited
Adjusted Earnings Weighted Per share Earnings Weighted Per share
average amount average amount
number number of
GBP'000 of shares Pence GBP'000 shares Pence
----------- ----------- ------------ ----------- ----------- ------------
Profit for the
period - attributable
to owners of the
parent 7,376 7,554
Adjusting items
(note 1) 268 (735)
----------- ----------- ------------ ----------- ----------- ------------
Adjusted profit
attributable to
owners of the
parent 7,644 6,819
----------- ----------- ------------ ----------- ----------- ------------
Adjusted basic
EPS 7,644 45,912,523 16.6 6,819 45,994,835 14.8
Adjusted diluted
EPS 7,644 45,955,163 16.6 6,819 46,015,292 14.8
----------- ----------- ------------ ----------- ----------- ------------
4. Dividends per share
Six months ended 31 May
------------------------------------------
2022 2021
Unaudited Unaudited
Per share GBP'000 Per share GBP'000
---------- -------- ---------- --------
Final dividend approved 3.5p 1,606 3.3p 1,517
---------- -------- ---------- --------
The final dividend approved for the year ended 30 November 2021
was paid to shareholders on 1 June 2022.
The Directors have declared an interim dividend of 1.9 pence
(2021: 1.8 pence) per share to be paid on 26 August 2022 to
shareholders on the register at the close of business on 22 July
2022; the ex-dividend date is 21 July 2022.
5. Cash generated from operations
Six months ended
31 May
------------------------
2022 2021
Unaudited Unaudited
GBP'000 GBP'000
----------- -----------
Operating profit 10,077 9,329
Adjustments for:
Post-employment benefits (1,541) (1,459)
Paycheck Protection Program loan
waiver - (1,337)
Fair value movement of derivatives
through profit and loss 249 (191)
Share-based payments 387 306
Depreciation of property, plant and equipment
and amortisation of intangibles 1,862 1,938
Impairment of property plant and
equipment - 270
Depreciation of right-of-use assets 1,098 979
Loss on disposal of property, plant 23 -
and equipment
Operating cash flows before movement
in working capital 12,155 9,835
----------- -----------
Increase in inventories (3,044) (1,019)
Increase in trade and other receivables (6,162) (1,400)
Increase/(decrease) in trade and
other payables 4,582 (857)
Decrease in provisions (292) (481)
Increase in working capital (4,916) (3,757)
----------- -----------
Cash generated from operations 7,239 6,078
----------- -----------
6. Reconciliation of net cash flow to movement in net debt
Six months ended
31 May
------------------------
2022 2021
Unaudited Unaudited
GBP'000 GBP'000
Net debt at the beginning of the period (2,006) (8,735)
Increase in cash and cash equivalents 344 348
Decrease/(increase) in borrowings 1,350 (434)
Decrease in lease liabilities 878 416
Paycheck Protection Program loan waiver - 1,337
Effects of exchange rate changes 176 467
----------- -----------
Net cash/(debt) at the end of the period 742 (6,601)
----------- -----------
Net cash and bank debt 12,234 6,152
Lease liabilities (11,492) (12,753)
Net cash/(debt) at the end of the period 742 (6,601)
--------- ---------
7. Contingent liabilities
At 31 May 2022, the Group has performance bonds totalling US$2.5
million and EUR0.4 million (30 November 2021: US$2.5 million and
EUR0.8 million). The uncalled performance bonds are expected to be
called or released no later than December 2024.
8. Provisions
Dilapidations Warranty Total
GBP'000 GBP'000 GBP'000
-------------- --------- ---------
At 1 December 2021 296 4,372 4,668
Utilisation of provision - (38) (38)
Release of provision - (164) (164)
Unwinding of discount 16 - 16
Exchange difference - 7 7
At 31 May 2022 312 4,177 4,489
-------------- --------- ---------
Dilapidations Warranty Total
GBP'000 GBP'000 GBP'000
-------------- --------- ---------
At 1 December 2020 268 4,365 4,633
Utilisation of provision - (399) (399)
Release of provision - (82) (82)
Unwinding of discount 14 - 14
At 31 May 2021 282 3,884 4,166
-------------- --------- ---------
Provisions arise from potential claims on major contracts, sale
warranties, and discounted dilapidations for leased property.
Matters that could affect the timing, quantum and extent to which
provisions are utilised or released, include the impact of any
remedial work, claims against outstanding performance bonds, and
the demonstrated life of the filtration equipment installed.
9. Pension schemes
The Group supports its defined benefit pension scheme in the UK,
which is closed to new members, and provides access to defined
contribution schemes for its other employees. The Group's net
retirement benefit obligation at 31 May 2022, measured in
accordance with IAS 19 Employee Benefits , was GBP7.1 million (30
November 2021: GBP12.6 million). An actuarial gain in the period of
GBP3.0 million, net of tax, was recognised in the condensed
statement of comprehensive income, resulting primarily from an
increase in the discount rate.
10. Exchange rates
Exchange rates for the US dollar and Euro during the period
were:
Average Average rate Closing Closing rate
rate to 31 to 31 May rate at 31 at 30 Nov
May 22 21 May 22 21
Unaudited Unaudited Unaudited Unaudited
------------ ------------- ------------ -------------
US dollar 1.31 1.38 1.26 1.32
Euro 1.19 1.14 1.18 1.18
------------ ------------- ------------ -------------
11. Seasonality
The results for the six months ended 31 May 2022 are impacted by
a lower number of working days in the first six months of the year
than in the second half of the year.
12. Basis of preparation
Porvair plc is a public limited company registered in the UK and
listed on the London Stock Exchange.
This unaudited condensed interim consolidated financial
information for the six months ended 31 May 2022 has been prepared
in accordance with the Disclosure and Transparency Rules ('DTR') of
the Financial Conduct Authority and with IAS 34 Interim Financial
Reporting as contained in UK-adopted International Accounting
Standards. The condensed interim consolidated financial information
should be read in conjunction with the annual financial statements
for the year ended 30 November 2021, which were prepared in
accordance with applicable law and International Accounting
Standards in conformity with the requirements of the Companies Act
2006 and International Financial Reporting Standards adopted
pursuant to Regulation (EC) No 1606/2002 as it applies in the
European Union.
The accounting policies applied in these interim financial
statements are consistent with those applied in the Group's
consolidated financial statements for the year ended 30 November
2021. A number of other new standards and amendments are effective
from 1 December 2021 but they do not have a material effect on the
Group's financial statements.
Taxes on income in the interim period are accrued using the tax
rate that would be applicable to expected total annual
earnings.
This condensed interim consolidated financial information has
been prepared on a going concern basis under the historical cost
convention, as modified by the recognition of certain financial
assets and financial liabilities (including derivative financial
instruments) at fair value through profit or loss.
The preparation of condensed interim consolidated financial
information, in conformity with generally accepted accounting
principles, requires the use of estimates and assumptions that
affect the reported amounts of assets and liabilities at the date
of the condensed interim consolidated financial information, and
the reported amounts of revenues and expenses during the reporting
period. Although these estimates are based on management's best
knowledge of the amount, event or actions, actual results may
ultimately differ from those estimates. In preparing the condensed
interim financial statements, the significant judgements made by
management in applying the Group's accounting policies and the key
sources of estimation uncertainty were the same as those applied to
the consolidated financial statements for the year ended 30
November 2021, with the exception of changes in estimates that are
required in determining the provision for income taxes.
After having made appropriate enquiries, including a review of
progress against the Group's budget for 2022, its current trading
and medium-term plans; and taking into account the banking
facilities available until May 2026, the Directors have a
reasonable expectation that the Group has adequate resources to
continue in operational existence for at least twelve months from
the date of approval of the condensed interim consolidated
financial information. Accordingly, they continue to adopt the
going concern basis in preparing this condensed interim
consolidated financial information.
This condensed interim consolidated financial information and
the comparative figures do not constitute full accounts within the
meaning of Section 434 of the Companies Act 2006. Statutory
accounts for the year ended 30 November 2021, which were approved
by the Board of Directors on 28 January 2022, and which include an
unqualified audit report, no emphasis of matter paragraph and no
statements under sections 498(2) or (3) of the Companies Act 2006,
have been delivered to the Registrar of Companies. This condensed
interim consolidated financial information has been reviewed, not
audited.
The condensed interim consolidated financial information does
not include all financial risk management information and
disclosures required in the annual financial statements; it should
be read in conjunction with the Group's annual financial statements
for the year ended 30 November 2021. There have been no changes in
any risk management policies since the year end.
This report will be available at Porvair plc's registered office
at 7 Regis Place, Bergen Way, King's Lynn, PE30 2JN and on the
Company's website, www.porvair.com .
Statement of directors' responsibilities
The Directors confirm that this condensed interim consolidated
financial information has been prepared in accordance with IAS 34
Interim Financial Reporting as contained in UK-adopted
International Accounting Standards , and that the interim
management report herein includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the first six months of the year, their impact on the condensed
interim consolidated financial information and a description of the
principal risks and uncertainties for the remaining six months of
the financial year; and
-- material related party transactions in the first six months
of the year and any material changes in the related party
transactions described in the last annual report.
The Directors of Porvair plc are listed in the Porvair plc
Annual Report for the year ended 30 November 2021. A list of
current Directors is maintained on the Porvair plc website,
www.porvair.com .
By order of the board
Ben Stocks James Mills
Group Chief Executive Group Finance Director
1 July 2022
INDEPENDENT REVIEW REPORT TO PORVAIR PLC
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the interim financial report for the six
months ended 31 May 2022 which comprises the condensed consolidated
income statement, the condensed consolidated statement of
comprehensive income, the condensed consolidated balance sheet, the
condensed consolidated cash flow statement, the condensed
consolidated statement of changes in equity and related notes 1 to
12. We have read the other information contained in the interim
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
Directors' Responsibilities
The interim financial report, is the responsibility of, and has
been approved by, the directors. The directors are responsible for
preparing and presenting the interim financial report in accordance
with the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
The annual financial statements of the Group will be prepared in
accordance with UK-adopted International Accounting Standards. The
condensed set of financial statements included in this interim
financial report has been prepared in accordance with International
Accounting Standard 34, "Interim Financial Reporting" as contained
in UK-adopted International Accounting Standards.
Our Responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the interim financial
report based on our review.
Scope of Review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the interim financial report for the six months ended 31 May
2022 is not prepared, in all material respects, in accordance with
International Accounting Standard 34, "Interim Financial Reporting"
as contained in UK-adopted International Accounting Standards, and
the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Use of our report
This report is made solely to the Company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
"Review of Interim Financial Information performed by the
Independent Auditor of the Entity" issued by the Auditing Practices
Board and for the purpose of the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct
Authority. Our review work has been undertaken so that we might
state to the Company those matters we are required to state to them
in an independent review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company, for our review
work, for this report, or for the conclusions we have formed.
RSM UK Audit LLP
Chartered Accountants
25 Farringdon Street
London EC4A 4AB
1 July 2022
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(END) Dow Jones Newswires
July 04, 2022 02:00 ET (06:00 GMT)
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