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PRV Porvair Plc

10.00 (1.46%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Porvair Plc PRV London Ordinary Share
  Price Change Price Change % Share Price Last Trade
10.00 1.46% 696.00 16:35:26
Open Price Low Price High Price Close Price Previous Close
684.00 684.00 698.00 696.00 686.00
more quote information »
Industry Sector

Porvair PRV Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

Top Dividend Posts

Top Posts
Posted at 09/12/2022 11:52 by kalai1
Porvair Plc issued a pre-close trading update for the year ended 30th November this morning. Revenue for is expected to be 18% higher than 2021 on a reported basis (13% at constant currency) with all three divisions ahead and margins sustained. Adjusted earnings per share are expected to be ahead of market forecasts – current market consensus is for EPS 27.8p – so there will be double digit EPS growth. The balance sheet remains strong with net cash at year end of £18.1 million. The outlook also looks solid with order books going into 2023 healthy and lead times returning to more normal levels. Valuation is a little unhelpful with forward PE ratio up near 19x and 3rd quartile for the Machinery, Equipment & Components sector. The share price also lacked some near-term momentum prior to today’s spike. PRV has steady growth and decent profitability, but it is a share to monitor for now...

...from WealthOracle
Posted at 13/9/2022 13:16 by partridge1948
As a manufacturer, PRV 9 month trading update reads well to me. They look to be coping admirably with the various challenges currently being faced, with all divisions performing well. Historic tendency to under promise and over deliver I hope will be maintained. Always dyor.
Posted at 17/8/2020 12:18 by partridge1948
Thanks for your kind comments. vprt - I think you are right to wait and see for the moment. Washbear - I like small/medium sized companies, preferably with significant director holdings, which generate cash and ideally have little or no debt. I tend to hold for many years, occasionally top slicing (or adding in period of weakness). Top five holdings have all been held for at least ten years, thankfully all in ISA, and are Treatt, Porvair,Learning Technologies, Anpario and RWS. I particularly like ANP at the moment and added more recently. Next tranche is Marshalls, James Latham, James Halstead, Halma and Croda (the latter two were much smaller when I first invested many years ago, but now in FTSE 100!) Big disadvantage is that if I wanted to sell all of any one company in the top five in one hit, it would be almost impossible. Spread on LTG and RWS is not bad, but PRV and ANP in particular are not heavily traded and spread can be very offputting if you have anything other than long term view. Fingers crossed for possible takeovers. I do get some wrong - held Photo-Me and Lloyds Bank for many years!
Posted at 14/8/2020 09:10 by rangor
I'm guessing the negatives at the moment for PRV are exposure to the aviation industry, and connection with China. Both impacting the share price
Personally I think this company is run extremely well and will continue to grow.
Posted at 01/7/2020 13:57 by partridge1948
Decent half year numbers to 31st May, produced in just under one month suggests good systems in place. Release of certain provisions enabled write down of Chinese assets. With exposure to aerospace and automotive sectors, they may need to be able to release further warranty provisions in second half to maintain profitability, but maintained (modest) dividend perhaps a sign of cautious optimism. I have held for over 10 years and hold management in high regard.
Posted at 04/2/2020 14:58 by leading
I am out. The share price has had a great run, but looks toppy to me.

Trailing P/E of 32 feels high to me, though it doesn't seem out of line with the sector. Yield of 0.64% at these elevated prices is modest. I am not sure the steady but unspectacular growth justifies such a high rating.

I also have concerns about the results and the spin management are putting on them. Its all about steady as she goes, we haven't changed our approach since 2004 etc. and sounds complacent.

Specifically, they have problems in China. This operation is taking forever to get going and has been and continues to be serially loss making. Apparently it is based in Wuhan and is currently closed down, so I guess at least another couple of years until profitability may be reached here.

Also, what is going on with the gasification projects? These are being commissioned, a process which is going to take several years according to the company, which sounds a bit odd. I don't think these projects are working properly yet or that the company has a solution and there may be more bad news to come.

Look at note 13. Contingent liabilities. The company provided a performance bond for $930,000 which was called in December 2019 (after the year end). i.e. PRV did not perform and their bank have had to pay this amount to the customer. PRV will have indemnified and will therefore have a cash outflow for this item right at the start of the current financial year. That's not so pretty.

The note goes on to say that the maximum unprovided exposure relating to the gasification projects is £11.5m. That's a year's worth of profits for the company. Yes, its only a contingent liability, but we know there are problems here. Perhaps they could have provided some more clarity on this matter rather than hiding it in the notes. They also refer to note 9, so lets have a look at that.

Note 9 Provisions. There is an opening warranty provision of £506k. Next item is "Recognised on adoption of IFRS 15" a charge of £8,187k. To which you are meant to say, oh that's just the effect of a new IFRS, nothing to see here. Not so fast. Look at note 15, near the end. The warranty provision would have increased under the old accounting treatment from £506k to £6,609k. The remaining £2,917k only is attributable to IFRS 15. So, the company has identified and charged to P&L £6.1m worth of problems in the year. They have done well to hide it! No doubt that explains the dreadful margin performance in the industrial division which barely receives any comment.

So, maybe I have misinterpreted or misunderstood things in the results announcement, but I am here to be shot down. I have concerns with these results and that is why I have sold my holding today in anticipation of buying back at a lower price when there is more clarity on the issues above.
Posted at 03/2/2020 10:08 by tratante
Another set of excellent results from prv. What a well run company looks like. Despite getting little attention on these boards, it clearly has a lot of future opportunities given it's excellent environmental credentials.
Posted at 05/12/2019 10:06 by partridge1948
Short and sweet pre close trading update today. PRV imo continues to under promise and over deliver.
Posted at 15/11/2019 10:35 by washbear
PRV I note in my buy quote there is a charge 0.45% Stamp Duty. I asked iiMy Broker who said what determines this Is What the Company decides.This seems a bit caprious.Does anyone know the whys and how s of Stamp Duty ?..
Posted at 19/9/2019 18:34 by partridge1948
Patience needed. Solid performance over last 10 years gradually reflected in enhanced share price, but illiquid and small volumes can have disproportionate effect. PRV has imo tended to under promise and over deliver. Not many small quality engineering businesses have escaped US predators. Mine locked away in the ISA, but always dyor.

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