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Porvair ppt prelims_final
1. 1
Presentation
Year ended 30 November 2014
Ben Stocks
Chief Executive
Chris Tyler
Finance Director
Specialist filtration & environmental technology
2. 2
Consistent
strategy
2009 - 2014
In the year ended
30 November
2014
Niche
positions
in growing,
regulated markets
New product
development
and intellectual
property
13% CAGR
in revenue
£52m
cash from
operations
47%
return on operating
capital employed
23%
revenue growth to
£104m
17% EPS
growth to 14.4p
£5.3m
Net cash
SUMMARY
Consistent strategy delivering results
£19m
invested
£19m
debt reduction
3. 3
SPECIALIST FILTRATION
And environmental technology
Specialist filters are used to protect costly or complex downstream systems
Attractive business characteristics
Niche positions:
Consumables
Long life cycles
Bespoke
Robust demand drivers:
Secular trends
Regulation/legislation
Process reliability
Barriers to entry:
Patent protection
Quality accreditation
Design rights
4. 4
CONSISTENT STRATEGIC
And operational objectives
Long-term growth from developing specialist filtration and environmental technology
businesses both organically and by acquisition
1 2 3 4
A focus on
regulated markets
with long-term
growth prospects
Four key markets
Concerted new
product
development
Now core to
revenue growth
Geographic
expansion to
support key
markets
Generate cash to
invest in:
Organic growth
Acquisitions
Dividends
Plenty of opportunity ahead
5. 5
A FOCUS ON REGULATED MARKETS
With long-term growth prospects
1 2 3 4
Growth in pax revenue
miles 2013 - 2033
(Source: Boeing 2014)
FAA, CAA, EASA
and other specific accreditations
5.0%
p.a.
Growth in gasification
2011 - 2016
(Source: US DOE 2010)
International nuclear standards:
NQA1, ASME, etc
11.5%
p.a.
Growth in water
analysis consumables
2011 - 2016
(Source: SDI Research 2012)
Approved methods:
EPA, SEPA, EU water directives
5.6%
p.a.
Growth in primary
aluminium usage 2015
(source: Alcoa 2015)
ISO and customer
accreditations; extensive
qualification requirements
7.0%
p.a.
Aviation
Energy and
industrial
process
Environmental
laboratory
supplies
Molten
metals
Regulation Market GrowthMarkets
6. 6
MAIN MARKETS
And operating companies
1 2 3 4
Porvair Filtration Group
Seal Analytical
Porvair Sciences
Aviation
Energy and
industrial process
Environmental
laboratory supplies
15%
35%
20%
SELEE Corp Molten metals
30%
Microfiltration
Metals Filtration
Business division
Main operating
companies
Principal markets
Approx share
of Group sales
7. 7
Niche positions
Fuel tank inerting
Coolant systems
Hydraulics
Growth drivers
Aircraft build rates
Maintenance schedules
New programmes
Retrofit: inerting
Competitive advantage
Installed base
Design engineering skills &
track record
Range of media
Design protection
Recent new products
Boeing, Airbus & other fuel
tank inerting filters
A380 & 787 coolant filters
A350 in production
STRONG MARKET POSITIONS
And concerted new product development
Aviation
1 2 3 4
8. 8
STRONG MARKET POSITIONS
And concerted new product development
Energy and industrial process
1 2 3 4
Niche positions
Hot gas and gasification
Pulse jet systems
Nuclear remediation
Polymer production
Growth drivers
Gasification build rates
Maintenance schedules
Nuclear clean-up
Energy efficiency and
security
Competitive advantage
Installed base
Range of media
Design engineering: pulse
jet systems
Design protection
Recent new products
E-gas™: Posco
E-gas™: Reliance
E-gas™: SG Solutions
UK Government remediation
E-gas™: CNOOC
9. 9
Niche positions
Analysis of inorganic
chemicals in water
Associated consumables
Porous plastics
Growth drivers
Regulated water testing
Higher environmental
standards
Developing markets
Bioscience growth
Competitive advantage
Installed base
Instrument design protection
Porous plastics IP and
related patents
Recent new products
Quaatro 39
AA1 method development
AQ2 upgrade
Bioscience filters
Chromatrap™
STRONG MARKET POSITIONS
And concerted new product development
Environmental laboratory supplies
1 2 3 4
10. 10
Niche positions
Aluminium cast house
filtration
Gray and ductile iron
filtration
Super alloys
Growth drivers
Aluminium consumption
US auto and light truck
production
Increased use of high grade
and exotic alloys
Competitive advantage
Patent protection
Metallurgical expertise
US manufacture (for the
Americas)
Recent new products
Selee CSX™
Selee IC™
Selee SA™
Range extensions
STRONG MARKET POSITIONS
And concerted new product development
Molten Metals
1 2 3 4
11. 11
GEOGRAPHIC EXPANSION TO KEY MARKETS:
Recent developments and 2014 revenue by destination
1 2 3 4
Microfiltration plants
Metals Filtration plants
Americas
40%
UK
17% Europe
11%
Asia
30%
US
Caribou, ME, plant
extended
Options to grow Ashland,
VA, being considered
Mequon, WI,
manufacturing capability
extended
UK and Europe
New plant in New Milton
fitted out
Machining capacity
increased in Fareham
Asia
First phase Xiaogan,
China, plant completed
in 2013
Xiaogan plant
extended in 2015
12. 12
CONSISTENT STRATEGY:
Revenue growth and profitability improvement
13% revenue CAGR since 2009EPS growth trend established
Net debt eliminatedRevenue growth coming from US and Asia
0
20
40
60
80
100
120
2009 2014
£millions
Others
Asia
Americas
Europe
United
Kingdom
0
2
4
6
8
10
12
14
16
2009 2010 2011 2012 2013 2014
Half year
Final
Pencepershare
0
20
40
60
80
100
120
2009 2010 2011 2012 2013 2014
Half year
Final
£millions
-9
-4
1
6
11
16
2009 2010 2011 2012 2013 2014
Half year
Final
£millions
1 2 3 4
13. 13
RECORD PERFORMANCE
For the year ended 30 November 2014
Revenue up
23%
to £104.0m
Revenue up
33%
in Microfiltration
Revenue up
6%
in Metals Filtration
PBT up
10%
to £8.4m
EPS up
17%
to 14.4p
Net cash up to
£5.3m
14. 14
INCOME STATEMENT
For the year ended 30 November 2014
2013
£000
2014
£000
Revenue 104,004 84,267
Operating profit 9,205 8,391
Interest (785) (753)
Profit before tax 8,420 7,638
Tax (2,087) (2,318)
Profit after tax 6,333 5,320
EPS (basic) 14.4p 12.3p
15. 15
CASH FLOW
For the year ended 30 November 2014
2013
£000
2014
£000
10,691Operating cash flow before working capital movements 11,968
1,574Working capital movement 2,188
(417)Interest (328)
(2,104)Tax (2,205)
(1,543)Capital expenditure (net of disposals) (5,096)
8,201Net cash from operations 6,527
(3,324)Acquisitions (707)
659Proceeds from issue of shares 199
88Exchange movements (9)
(3,870)Net cash / (debt) at 1 December 579
579Net cash at 30 November 5,264
(1,175)Dividends paid (1,325)
16. 16
METALS FILTRATION
Results and progress – year ended 30 November 2014
2013
£000
2014
£000
Revenue 30.1 28.5
Operating profit 2.6 2.4
Revenue to £30.1m record
11% growth at constant currency
Steady market share gains from patented products
Operating profit margin approaching 10%
New product development
Promising development pipeline
Lithium aluminium alloy filter trials successful
Selee CSX and Selee IC range extensions
2015 outlook
Positive start to 2015
China investment to expand production
17. 17
MICROFILTRATION
Results and progress – year ended 30 November 2014
2013
£000
2014
£000
Revenue 73.9 55.8
Operating profit 8.7 8.6
Revenue up 33% to £73.9m
Large projects progressing well: £19.5m revenue (2013:
£6.0m). 2015 revenue likely to be closer to 2013
Operating profit held back by project accounting, dollar
weakness, restructuring costs
9% underlying revenue growth
13% growth in Seal Analytical
Year of investment
UK expansion for aviation and industrial
US expansion for industrial. 18% growth in 2014
2015 outlook
Healthy order books; $10m gasification order for CNOOC
Further benefit from large projects
18. 18
2015 – 2017 OPPORTUNITIES
Market growth, market share gains and margin growth
Aviation
Energy and
industrial
process
Laboratory
supplies
Molten
metals
Market growth
Market
share gains
Margin
growth
Inerting developments
US expansion
A350 in production
UK capacity increases
Airbus NEO qualified
Airbus A380 and
Boeing 787
US sales and
manufacturing
Large contracts +
CNOOC
Pipeline promising
Gasification spares and
service
Caribou capacity
increase & cross-selling
Longer life hot
gas filters
Improved analyser
range designs
Bioscience licensing
growth with Thermo
Bioscience filtration
development
US manufacture of two
product ranges
Regulated markets with long term growth prospects – long product lifecycles
New China plant
expansion
Incremental product and
process improvements
Steady market share
gains from IP
protected ranges
Product range
extensions
Initial orders for next
generation of new
products
Thomas Cain
integration
19. 19
SUMMARY
and outlook
The Board looks forward with confidence
Large
contracts
£5.1m invested
in the year
New plants
in UK and US built
in 2014
Other plant
expansion in
US and China in
2015
Healthy order
books for 2015
Promising new
product
pipeline
Positive start
to 2015
23%
revenue growth to
£104.0m
17%
EPS growth to 14.4p
Net cash of
£5.3m
Results OutlookInvestment
Progressing well
One-off
revenue
boost in 2014
Profits spread
from 2013 -2017
20. 20
Presentation
Year ended 30 November 2014
Ben Stocks
Chief Executive
Chris Tyler
Finance Director
Specialist filtration & environmental technology