Share Name Share Symbol Market Type Share ISIN Share Description
Porvair Plc LSE:PRV London Ordinary Share GB0006963689 ORD 2P
  Price Change % Change Share Price Shares Traded Last Trade
  15.00 3.03% 510.00 8,415 13:29:24
Bid Price Offer Price High Price Low Price Open Price
493.00 518.00 520.00 485.00 492.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 144.93 13.99 23.60 21.6 232
Last Trade Time Trade Type Trade Size Trade Price Currency
14:58:13 O 132 500.00 GBX

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Date Time Title Posts
18/2/202014:50Porvair thread with Charts1,296
30/3/201107:31Porvair - PRV - Press release > GREAT NEWS >1
17/4/200709:26Porvair a fuel cell play142
24/6/200420:11Good Porvair results this morning & now a director buying !77
15/7/200313:10Porvair Price keeps rising3

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Porvair Daily Update: Porvair Plc is listed in the Alternative Energy sector of the London Stock Exchange with ticker PRV. The last closing price for Porvair was 495p.
Porvair Plc has a 4 week average price of 370p and a 12 week average price of 370p.
The 1 year high share price is 796p while the 1 year low share price is currently 370p.
There are currently 45,521,535 shares in issue and the average daily traded volume is 23,256 shares. The market capitalisation of Porvair Plc is £232,159,828.50.
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.
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.
alexisk: Share price at all time high and going higher I believe
partridge1948: Steady rise in share price since positive trading update earlier this month. I like companies who report soon after the period end, as there is more than a grain of truth in the adage that "Good numbers take less time to add up than bad." Let's hope that is the case with PRV. Interims due on 24th June for half year to 31st May.
ed 123: Thanks for your kind reply, Cellars. :-) You think the current share price is too high. You may be right, you may be wrong. In time, the market will say whether you are correct. At the end of the day, 'too high' or 'good value', etc. are judgement calls. Difficult one for me to predict atm. (I'll give your post 1261 an uptick when that facility becomes available to me.) :-)
cellars: Ed My comment #1261 was in response to the request contained in #1257 which in turn had been kicked off by #1255 & #1256. So I think the current share price is too high to buy. What do you think of my assumptions & reasoning? Genuinely interested.
walbrock82: Results looked OK. Here are some things you should know: - It is profoundly clear the weak British Pound is affecting their biggest division “Microfiltration”, which accounts for two-thirds of revenue. Revenue growth in the last four years have average 9% and grew by 45% overall. Meanwhile, operating profits saw average growth of 11.2% and 53% overall growth. The big surprise is operating cash profits are down two years straight, with operating cash flow falling from £3.055m to £1.57m. If you look at net operating cash flow that collapsed from £2.4m to £0.1m!! To know why this is happening and to see more analysis on today’s interim results, click Meanwhile, for those favouring a longer-term analysis, which includes: 1. Divisional breakdown analysis; 2. Acquisition of J. G. Finneran Associates, Inc; 3. Market Opportunities and Growth; 4. Profitability trends; 5. Debt and Pension assessment; 6. Dividend coverage; 7. Pricing competitiveness, and 8. My Share Price Forecast, then My overall conclusion, this is a company to own, but ONLY if the share price corrects by 25%, according to the fundamentals, technical and forecasts for the next two years. For more, click here:
ed 123: Yes, nice! Hmmmm ... those who 'guessed' this would be an ahead of expectations statement when the shares were already at an all time high a week ago, got their reward today. Happy holder (though I don't like to see share price movements shortly ahead of material news).
werty5: This has bounced making a nice double bottom in an area of historic resistance, hoping PRV can build on this after the recent nonsensical share price movement.
cockerhoop: I'm pretty sure from reading the blog that PP wasn't aware of the size of the original contract when making his comments though generally I agree the share price did get a little ahead of itself recently on available broker upgrades and Ben Stokes relatively cautious outlook statement.
Porvair share price data is direct from the London Stock Exchange
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