Porvair Targets 16-18% Margin by FY31 as Trading Runs Ahead of Expectations
Porvair says full-year trading will be slightly ahead of market expectations and has set new medium-term targets, including an adjusted operating margin of 16% to 18% by FY31.
Porvair (LON: PRV), the King’s Lynn-based maker of specialist filtration and laboratory products, has targeted an adjusted operating margin of 16% to 18% by FY31.It also said full-year trading will be slightly ahead of market expectations, and its shares rose in early trading.
The shares were at 920p in early trading today, up 1.5% from yesterday’s 906p close, which was the highest close in three months. The 52-week high is 938p. The update came at 7am, before the open; the timing fits the move, though it is a thin early print.
The ten-month update covers the period to the 30th of September. All three divisions grew organically, and the adjusted operating margin, profit before one-offs as a share of sales, was slightly ahead of the prior ten months. Net cash was modest after three acquisitions: Drache, GV Filtri and Carekem.
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The Board expects trading to be slightly ahead of full-year market expectations, supported by a diversified customer base, strong recurring revenue streams and disciplined operational management.
Porvair Board
On the 29th of June, chief executive Hooman Caman Javvi’s interim results said full-year expectations remained unchanged, excluding part-year contributions from GV and Carekem.
The levels in the table are first-half figures to the end of May, which cover only six months, so comparisons with the targets are indicative.
Metric
Target
Level
Total revenue growth
10%+
9% in H1 FY26
Organic growth, excluding deals and currency
Mid-single-digit
2% in H1 FY26
Adjusted operating margin
16% to 18% (FY31)
13.0% in H1 FY26
Adjusted EPS growth
10% to 20%
11% in H1 FY26
Cash conversion
85%+
No like-for-like figure
Return on invested capital
18%+
No like-for-like figure
The margin target needs a gain of three to five percentage points from 13.0%, and organic growth must rise from 2%.
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Porvair daily closing share price, 10 July to 13 October 2026, pence. The 14 October move is intraday and not plotted.
Porvair will present the framework at its Capital Markets Event, a strategy session for analysts and investors, at 1.30pm today. It said no further current trading information will be disclosed there.
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