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Porvair plc, UK
COMPANY WATCH
Porvair plc, UK
Sartorius AG, Germany
Key Figures (£ million) Year ended 30.12 2013
2012
Revenue Of Which: Metals Filtration Microfiltration
84.3
76.5
28.5 55.8
28.0 48.5
Cost of Sales
55.5
51.2
Gross Profit
28.7
25.2
Operating Profit Of Which: Metals Filtration Microfiltration
8.6
7.2
2.4 8.6
2.4 6.7
Profit before Income Tax
7.8
6.3
Profit/(Loss) for the Period
5.5
4.3
Key Figures (E million) Year ended 31.12 2013 Sales Revenue Of Which: Bioprocess Solutions Lab Products & Services Operating Earnings Of Which: Bioprocess Solutions Lab Products & Services Net Profit Order Intake Of Which: Bioprocess Solutions Lab Products & Services
2012
887.3
845.7
517.8 267.4
474.2 268.9
172.6
161.1
119.3 42.9
103.2 45.9
64.8
63.0
912.3
866.8
549.7 263.6
479.5 282.0
COMMENT Porvair enjoyed a 10.2% yearon-year lift in sales for fiscal 2013 to post record revenues of £84.3 million. Profitability also grew strongly, with profit before tax up 23.8% to £7.8 million and net profit 27.9% stronger at £5.5 million. The company’s Metals Filtration segment saw both revenues and operating profit reach or maintain record levels, with the former up 1.8% on the 2012 figure at £28.5 million and the latter equalling the prior year’s £2.4 million. The division’s three main product ranges remained Selee CSX for aluminium filtration, Selee SA for NiCo alloy filtration and Selee IC for the filtration of grey and ductile iron, with a strong finish to the year compensating for a slow start. Porvair said the division had trialled a new aluminium filter during the year and would be looking to further develop the product in 2014. The Microfiltration segment also posted records for revenue and operating profit, with sales
February 2014
climbing 15.1% on the year prior to reach £55.8 million and profit up 28.4% at £8.6 million. The division made a second delivery under its US$10 million contract with Korean steelmaker POSCO towards the end of the year, while a larger contract for a similar project was signed with Reliance Industries in February 2013 for its plant in Jamnagar, India. Porvair said the division had also continued to progress collaborative work in bioscience filtration including work on a patented DNA filtration product, while its Seal Analytical subsidiary had grown its revenues by 13% boosted by small acquisitions in 2012 and 2013. “Porvair’s strategic direction remains consistent and continues to produce good results,” chief executive, Ben Stocks, said. “2013 finished well and order books are healthy. The fundamentals of the markets in which we operate look satisfactory.” ■ www.porvair.com
COMMENT Sartorius has completed a successful fiscal 2013 with net sales up 4.9% on the prior year at E887.3 million and net profit 2.9% stronger at E64.8 million. Order intake also developed well, growing 5.2% on the fiscal 2012 figure to reach E912.3 million. Sales growth was strongest in the company’s largest division, BioProcess Solutions, where revenues rose 9.2% on the year earlier to reach E517.8 million. The expansion was driven by all products segments, with the sector’s cell culture media business acquired in December 2012 contributing approximately two percentage points of the growth. Revenues were down in Sartorius’ other two divisions, with sales down 0.5% in the Lab Products & Services segment at E267.4 million and 0.7% in the Industrial Weighing sector at E102.0 million. “Fiscal 2013 was a successful year for Sartorius, even
though the divisions showed quite different development,” CEO Dr Joachim Kreuzburg said. “Growth for our largest division, Bioprocess Solutions, was outstanding: it reported double-digit growth for the third year in succession. This high pace is even slightly above our own expectations.” Kreuzburg added that although both the Lab Products & Services and Industrial Weighing segments had faced a challenging market environment in some areas, both had performed quite well. “In addition, as we phased out a few product lines from the lab division’s portfolio, this had an impact on its results so operating performance was actually better than the figures show,” he said. “We see that we are on track to meet our longterm Sartorius 2020 targets, and, for 2014, are confident that all three divisions will grow profitably.” ■ www.sartorius.com
Filtration Industry Analyst
11
Porvair plc, UK
Sartorius AG, Germany
Key Figures (£ million) Year ended 30.12 2013
2012
Revenue Of Which: Metals Filtration Microfiltration
84.3
76.5
28.5 55.8
28.0 48.5
Cost of Sales
55.5
51.2
Gross Profit
28.7
25.2
Operating Profit Of Which: Metals Filtration Microfiltration
8.6
7.2
2.4 8.6
2.4 6.7
Profit before Income Tax
7.8
6.3
Profit/(Loss) for the Period
5.5
4.3
Key Figures (E million) Year ended 31.12 2013 Sales Revenue Of Which: Bioprocess Solutions Lab Products & Services Operating Earnings Of Which: Bioprocess Solutions Lab Products & Services Net Profit Order Intake Of Which: Bioprocess Solutions Lab Products & Services
2012
887.3
845.7
517.8 267.4
474.2 268.9
172.6
161.1
119.3 42.9
103.2 45.9
64.8
63.0
912.3
866.8
549.7 263.6
479.5 282.0
COMMENT Porvair enjoyed a 10.2% yearon-year lift in sales for fiscal 2013 to post record revenues of £84.3 million. Profitability also grew strongly, with profit before tax up 23.8% to £7.8 million and net profit 27.9% stronger at £5.5 million. The company’s Metals Filtration segment saw both revenues and operating profit reach or maintain record levels, with the former up 1.8% on the 2012 figure at £28.5 million and the latter equalling the prior year’s £2.4 million. The division’s three main product ranges remained Selee CSX for aluminium filtration, Selee SA for NiCo alloy filtration and Selee IC for the filtration of grey and ductile iron, with a strong finish to the year compensating for a slow start. Porvair said the division had trialled a new aluminium filter during the year and would be looking to further develop the product in 2014. The Microfiltration segment also posted records for revenue and operating profit, with sales
February 2014
climbing 15.1% on the year prior to reach £55.8 million and profit up 28.4% at £8.6 million. The division made a second delivery under its US$10 million contract with Korean steelmaker POSCO towards the end of the year, while a larger contract for a similar project was signed with Reliance Industries in February 2013 for its plant in Jamnagar, India. Porvair said the division had also continued to progress collaborative work in bioscience filtration including work on a patented DNA filtration product, while its Seal Analytical subsidiary had grown its revenues by 13% boosted by small acquisitions in 2012 and 2013. “Porvair’s strategic direction remains consistent and continues to produce good results,” chief executive, Ben Stocks, said. “2013 finished well and order books are healthy. The fundamentals of the markets in which we operate look satisfactory.” ■ www.porvair.com
COMMENT Sartorius has completed a successful fiscal 2013 with net sales up 4.9% on the prior year at E887.3 million and net profit 2.9% stronger at E64.8 million. Order intake also developed well, growing 5.2% on the fiscal 2012 figure to reach E912.3 million. Sales growth was strongest in the company’s largest division, BioProcess Solutions, where revenues rose 9.2% on the year earlier to reach E517.8 million. The expansion was driven by all products segments, with the sector’s cell culture media business acquired in December 2012 contributing approximately two percentage points of the growth. Revenues were down in Sartorius’ other two divisions, with sales down 0.5% in the Lab Products & Services segment at E267.4 million and 0.7% in the Industrial Weighing sector at E102.0 million. “Fiscal 2013 was a successful year for Sartorius, even
though the divisions showed quite different development,” CEO Dr Joachim Kreuzburg said. “Growth for our largest division, Bioprocess Solutions, was outstanding: it reported double-digit growth for the third year in succession. This high pace is even slightly above our own expectations.” Kreuzburg added that although both the Lab Products & Services and Industrial Weighing segments had faced a challenging market environment in some areas, both had performed quite well. “In addition, as we phased out a few product lines from the lab division’s portfolio, this had an impact on its results so operating performance was actually better than the figures show,” he said. “We see that we are on track to meet our longterm Sartorius 2020 targets, and, for 2014, are confident that all three divisions will grow profitably.” ■ www.sartorius.com
Filtration Industry Analyst
11