Porvair Share Discussion Threads

[bobdouthwaite] 08/5/2004 15:58

Well spotted Motzu - will Porvair membranes be used in the fuel cells on trial?

[motzu] 08/5/2004 11:53

United Technologies' Fuel Cell Company Chosen for U.S. Hydrogen Research Initiative
Tuesday April 27, 3:58 pm ET



Very positive news for Porvair

[bobdouthwaite] 28/4/2004 16:45

Pippin, I'm watching - but it seems yesterday's flurry was down to Schroder selling rather than buying. It's odd that the price went up though.

[pippin] 28/4/2004 08:05

Well, I bought a few as they looked to be going better. Seems that I wasn't alone.

No-one else on here interested? This is not a punt, just a long term investment with the potential to be explosive in due course.

[pippin] 27/4/2004 09:16

Bits of buying appearing at last. The drop seems to have stopped.

The news flow has improved too. I wonder if SCSW are going to give them another mention. Interesting.

[lightning] 06/2/2004 19:49

Have a look here too, fuel cells galore:

[motzu] 06/2/2004 19:12

UTX CEOs View on its Fuel Cell Business

"Meanwhile, out in the marketplace, UTX is building a fuel-cell business. "It is the correct solution, environmentally, for the next century and beyond," David states, adding "we have great science."

However, what David does not have yet are profits. The fuel-cell business has been about a $70 million-per-year net loser for the past several years.

"But the way you build businesses is with investment on the front end," David stresses. "We have told investors we anticipate having a $400 million dollar fuel-cells business by 2005 . . . and I believe we will do that."

full article:

UTC's Master Of Principle
31 December 2003

Author: John S. McClenahen
Provider: IndustryWeek Magazine

[zapa] 06/2/2004 06:54

Motzu

Do you hold Porvair?

[motzu] 26/1/2004 12:54

Porvair main attraction is as a supplier of high performance components to United Technologies fuel cell program. UTC is committed to become a major player is this area. In fact they have always been, but not much is known about them in this sector.

As it represents only 3% of UTX not many analyst cover this segment. However, UTX has supplied 24% of the stationary fuel cells bases worldwide. The technology is moving fast and a big market is just round the corner.

Fuel cells offer clean and reliable energy, do not rely on the grid and offer independence from oil and OPEC.

After the mega-blackout in the US, legislators have realised that not only the US needs a massive electrical infrastructure up-grade but a new energetic order.

The US is commited to build a fuel cell infrastructure and a "hydrogen highway". A new energy bill is on the way and will establish a new energy order in the US.

Furthermore Porvair holds some other promising hi-tech products in potfolio. Commercialisation might be months or years away. In this area luck is an important factor.

There isn't much information available on Porvair neither much proper research nor many people who can understand the issues involved with fuel cells.

[dbcnotts] 06/1/2004 21:52

Thanks bob.

[bobdouthwaite] 06/1/2004 15:30

Patricia,
I've just cut this from the Porvair International press site, and it doesn't look good to me - note the fourth para.

05 December 2003
`Porvair
``

Armed Forces Minister Adam Ingram will today announce that Porvair International Ltd, based in King's Lynn, will supply the waterproof, breathable fabrics required by Thistle Garments Ltd., of Cumbernauld, Scotland to fulfil the five year contract for waterproof garments.

The contract, worth up to £12 million for Porvair International to supply fabric for 660,000 waterproof, breathable garments, ranging from jackets and trousers to salopettes and sleeping bag covers. The contract, awarded under the DLO's Supplier Base Optimisation Programme, generated savings of more than £5 million compared to traditional procurement methods. Porvair's waterproof, breathable membrane technology is critical to meeting the performance requirements of these garments.

Andrew Bottomley, Business Manager at PIL, said, "This is the culmination of working closely with the MOD and Thistle over the last few years and is a triumph for UK business. This new streamlined supply process will deliver huge savings to the MOD and the technical performance our soldiers can rely on."

Mark Littlewood, Managing Director and half of the recent Management Buyout team from Porvair Plc said, "This is fantastic piece of news for us in what is our first week of trading as a new company. This is a huge boost, not just to morale, but for manufacturing in Norfolk for the next five years."

The announcement will be made at Thistle Garment production facility in Cumbernauld at 12 noon today, 5th December.

EDITORS NOTES

1. Armed Forces Minister Adam Ingram will make the announcement during a visit to Thistle Garments. During this visit there will be an opportunity to interview the Minister about the announcement, together with staff from the company and the Ministry of Defence.

For further information, please contact Brian Sheehan, DLO Office on 01225 468819/mobile [phone] or Elizabeth Parkin, Sales & Marketing Director of Porvair International Ltd on 0773 363228.

[patriciamarymcmanus] 06/1/2004 08:20

I don't think that it is!

[bobdouthwaite] 31/12/2003 15:49

dbcnotts
I think Porvair International may be the business that PRV has recently sold in a management buyout.

[dbcnotts] 18/12/2003 12:01

Anyone know how significant this contract could be to Porvair? Thistle value is £18m - Porvair supply the materials - must be worth a few bob to them!

£18m deal to keep Armed Forces dry
5 December 2003, This Is Money

ACONTRACT worth up to £18m to supply the Armed Forces with waterproof garments has been awarded to Scottish company Thistle Garments.

The company will supply more than 660,000 garments ranging from waterproof jackets and trousers to salopettes and sleeping-bag covers.

The five-year deal, awarded under the Defence Logistics Organisation's Supplier Base Optimisation Programme, generated savings of more than £5m compared to traditional procurement methods.

Speaking at the Thistle Garments factory in Cumbernauld, North Lanarkshire, Armed Forces Minister Adam Ingram said: 'The Armed Forces have come a long way in the quality of the clothing issued to serving personnel.

'With a number of new designs being introduced as part of this contract, it will result in clothing that will be more comfortable to wear, while keeping our troops dry no matter what the conditions.'

The 25 different products will be made from waterproof materials supplied by Porvair International, based in King's Lynn, Norfolk.

[pippin] 05/12/2003 12:26

Thanks garth (belatedly).

[garth] 28/11/2003 10:27

Pippin,

Not FCT, but it is renewables: Romag Holdings(ROM). I've tucked a few away for the long haul. Patience needed. Seems no other interest in the company at present. Mkt Cap is about 1/3 of that of DYS and PVR

G.

[pippin] 28/11/2003 10:15

I have quite a few shares in Dyson, geraldus, but as I think FCT is on the verge of take-off I am looking to broaden my exposure. I am disappointed that Porvair does not seem to offer a decent second string to that bow.

p.s. I was an energy specialist and spent quite a few years looking at alternative fuels. I liked the potential of natural gas to replace petrol and diesel, but the moment for that has been and gone unrealised. We now skip a technological step and I think it has to be FCT next.

[geraldus] 25/11/2003 20:50

If you ever look at some of the specialist sites on fuel cells such as-h2fc.com/companies.html - you will see just how many companies there are in this area.FCT has been about for years and it is developing very slowly.I have made a profit from this outfit two years back before they went on the acquisition trail in USA,and their second change of strategy.I now prefer Dyson Group as a more rewarding play.

[pippin] 25/11/2003 15:15

Interesting that the sale of the businesses knocks £16m off net assets. And of the £4.5m sale proceeds, only £2.3m gets to the group. Gearing actually rises as a result of the sale, which is extremely unusual.

And I wonder if the market has really noticed the dividend cut.

I like the FCT exposure but, like geraldus, I have serious doubts about the quality of management. I think the shares might take a bit of a hit at some point, which may provide a suitable opportunity to get in.

[dolphinspirit] 15/11/2003 07:22

FCT is only one section of the company, the Ceramics and membranes sections were the least profitable, so I was not suprised to see them go, the filtration
side is still making the most profit and probably will continue to do so until
FCT is in full production.

What I see is a company streamlining itself to allow for the growth in its
tageted areas

D.

[geraldus] 14/11/2003 18:50

This company changes direction like a hare.Looks like its betting the whole ranch on FCT.I hope the management are up to it.

[bbbbb] 14/11/2003 14:56

Res, I agree with the sentiment that it looks like Porvair are switching to 'growth status' (though i'd have preferred the divi to have been held as it has in the past) and the change in risk/reqard associated with this. Can you tell me... on what do you base the opinion that 4.5m was dissapointing ?

[res1606] 14/11/2003 08:05

£4.75m for membranes and ceramics sounds a little disappointing. I suppose with phase 2 of the fuel cell ramp up well underway and orders probably coming in faster than expected, they're a bit desperate for the cash. From the accounts they have a revolving £15m facility and a £3m overdraft and had fully utilised the facility and had £3m cash on hand. So that was £6m of firepower. Including this cash (initially £2-3m) that's up to £8-9m. Cutting the dividend by 3p/share adds another £1m, so £10m, say. Might suggest that the foams business is also going very well and they might need a few million to ramp capacity there. It does focus management on the growth opportunities though.

All in all, it sounds as though the new businesses are about to take off and the decks are being cleared, albeit for disappointing proceeds. I'm certainly delighted to hear that their phase 2 test plates work well.

[lightning] 03/11/2003 17:01

If you peeps have a passing interest in fuel cells, have a look at this web site: