Porvair
Website:
Porvair
Index:
FTSE Small Cap
EPIC: PRV
Supersector:
Industrial Goods and Services
Sector:
Industrial Engineering
Subsector:
Industrial Machinery
Market Cap:
£334.83M
Payout Frequency: Semi-Annual
Porvair Dividend Analysis and Summary
Headline Dividend Details
- Final dividend: 4.5p per share (up from 4.2p)
- Full-year dividend: 6.7p per share (up 6% from 6.3p)
- Ex-dividend date: 30/04/2026
- Record date: 01/05/2026
- Payment date: 08/06/2026
- Cash cost of FY25 dividends: ~£3.1m (final ~£2.1m)
Coverage and Sustainability
- Earnings cover: Adjusted EPS 42.3p vs DPS 6.7p ? ~6.3x cover (payout ~16%). Very conservative.
- Cash flow cover: Operating cash flow £23.8m; capex ~£7.7m (+ £0.2m intangibles) ? FCF c.£16m. FY25 dividends of £3.1m covered ~5x.
- Balance sheet: Net cash £8.4m (cash £22.9m, no bank debt) and unused facilities of ~£17.5m (€20m) provide headroom.
- Profitability momentum: Adjusted PBT +11%, adjusted operating margin up 80bps to 13.5%; basic EPS +10%. Supports ongoing dividend growth.
- Policy consistency: Board reiterates aim to meet dividend and investment needs from free cash flow and modest borrowing—aligned with low payout ratio.
Dividend Growth Trajectory
- Final DPS up 7% (4.5p vs 4.2p); full-year DPS up 6% to 6.7p.
- EPS growth (+10% adjusted, +10% statutory) outpaces DPS growth, keeping payout low and allowing room for future increases through the cycle.
Structural Changes and Capital Allocation Considerations
- Acquisition: Drache Umwelttechnik GmbH acquired on 12 Jan 2026 for £17.8m cash. Strategically complementary to Metal Melt Quality, expected to expand European footprint and product range.
- Capex: Ongoing £5.5m aluminium cast house upgrade in Hendersonville, completing H1 2026; focus on capacity, cost, and emissions reduction. Near-term capex needs are elevated but manageable from FCF and facilities.
- No share consolidations/demergers announced. Management structure refined (Executive Committee) and a Capital Markets Event planned for H2 FY2026—possible forum for updated capital allocation commentary, but no change in dividend policy flagged.
Risks and Dividend Stability Flags
- End-market cyclicality/mix: European petrochemical market expected subdued in 2026; general US industrial softness noted. Diversification and replacement-driven demand mitigate, but earnings could be lumpy.
- Geopolitical/tariff and FX exposure: Multi-regional operations face currency and trade/tariff risk; translation and transaction effects can impact reported metrics.
- Pension cash outflows: UK scheme deficit recovery payments of ~£2.1m p.a. continue; affordable relative to FCF but a fixed claim on cash.
- M&A integration: Drache integration introduces execution risk; however, balance sheet strength and strategic fit reduce concern.
Read more
Porvair Annual Dividend Yield - 0.88%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 01/05/2025 |
04/06/2025 |
Final |
4.20p |
GBX |
| 17/07/2025 |
22/08/2025 |
Interim |
2.20p |
GBX |
Total (Annual Dividends Per Share):
6.40p
Dividend Yield =
Annual Dividends Per Share (6.40p)
÷ Share Price (730p)
= 0.88%
Porvair Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 30/04/2026 |
08/06/2026 |
Final |
4.5000p |
GBX |
| 17/07/2025 |
22/08/2025 |
Interim |
2.20p |
GBX |
| 01/05/2025 |
04/06/2025 |
Final |
4.20p |
GBX |
| 18/07/2024 |
21/08/2024 |
Interim |
2.10p |
GBX |
| 02/05/2024 |
05/06/2024 |
Final |
4.00p |
GBX |
| 20/07/2023 |
23/08/2023 |
Interim |
2.00p |
GBX |
| 04/05/2023 |
07/06/2023 |
Final |
3.80p |
GBX |
| 21/07/2022 |
26/08/2022 |
Interim |
1.90p |
GBX |
| 28/04/2022 |
01/06/2022 |
Final |
3.50p |
GBX |
| 22/07/2021 |
27/08/2021 |
Interim |
1.80p |
GBX |
| 29/04/2021 |
04/06/2021 |
Final |
3.30p |
GBX |
| 23/07/2020 |
28/08/2020 |
Interim |
1.70p |
GBX |
| 30/04/2020 |
05/06/2020 |
Final |
3.20p |
GBX |
| 25/07/2019 |
30/08/2019 |
Final |
1.70p |
GBX |
| 25/07/2019 |
30/08/2019 |
Interim |
1.70p |
GBX |
| 02/05/2019 |
07/06/2019 |
Final |
3.00p |
GBX |
| 26/07/2018 |
31/08/2018 |
Interim |
1.60p |
GBX |
| 26/04/2018 |
01/06/2018 |
Final |
2.70p |
GBX |
| 27/07/2017 |
01/09/2017 |
Interim |
1.50p |
GBX |
| 27/04/2017 |
02/06/2017 |
Final |
2.40p |
GBX |
| 28/07/2016 |
02/09/2016 |
Interim |
1.40p |
GBX |
| 28/04/2016 |
03/06/2016 |
Final |
2.20p |
GBX |
| 30/07/2015 |
04/09/2015 |
Interim |
1.30p |
GBX |
| 30/04/2015 |
05/06/2015 |
Final |
2.00p |
GBX |
| 30/07/2014 |
05/09/2014 |
Interim |
1.20p |
GBX |
| 30/04/2014 |
06/06/2014 |
Final |
1.80p |
GBX |
| 31/07/2013 |
06/09/2013 |
Interim |
1.10p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
2.100 |
4.000 |
GBX |
6.100 |
5.170 |
| 2023 |
2.000 |
3.800 |
GBX |
5.800 |
7.400 |
| 2022 |
1.900 |
3.500 |
GBX |
5.400 |
5.880 |
| 2021 |
1.800 |
3.300 |
GBX |
5.100 |
4.080 |
| 2020 |
1.700 |
3.200 |
GBX |
4.900 |
-23.430 |
| 2019 |
1.700 |
4.700 |
GBX |
6.400 |
48.830 |
| 2018 |
1.600 |
2.700 |
GBX |
4.300 |
10.250 |
| 2017 |
1.500 |
2.400 |
GBX |
3.900 |
8.330 |
| 2016 |
1.400 |
2.200 |
GBX |
3.600 |
9.090 |
| 2015 |
1.300 |
2.000 |
GBX |
3.300 |
10.000 |
| 2014 |
1.200 |
1.800 |
GBX |
3.000 |
172.720 |
| 2013 |
1.100 |
|
GBX |
1.100 |
|
Porvair Dividend Calculator
Porvair Dividend Growth
| Dividend Growth (1Y) |
-29.69%
|
| Dividend CAGR (5Y) |
6.4%
|
| Years of Growth |
15
|
| Payout Ratio |
16.27%
|
| Buyback Yield |
-0.25%
|
| Shareholder Yield |
0.7%
|
| P/E Ratio (TTM) | 18.37 |
|---|
| Forward P/E | 16.56 |
|---|
| P/FCF | 20.58 |
|---|
| Earnings Yield | 5.41% |
|---|
| FCF Yield | 4.86% |
|---|
| ROE | 11.32% |
|---|
| ROCE | 12.86% |
|---|
| Profit Margin | 9.36% |
|---|
| Operating Margin | 12.49% |
|---|
| Gross Margin | 35.39% |
|---|