A trio of huge gasification projects flattered Porvair’s (PRV) half-year numbers, but even without them the top-line is growing quickly. In fact, the filter manufacturer’s biggest problem is coping with demand, which explains why management is spending £6m on extra factory space and machinery this year. Modest upgrades by Peel Hunt “leave the potential for more later in the year,” explains the broker.
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Strip out the long-term contracts and revenue jumped by 8 per cent - or 12 per cent at constant currency. Peel Hunt now expects full-year adjusted pre-tax profit of £8.7m, giving adjusted EPS of 13.9p (up from £7.8m and 12.5p last year).