Presentation Year ended 30 November 2013 Chief Executive Finance - PDF document

Presentation Year ended 30 November 2013 Chief Executive Finance Director 1

Summary Consistent strategy delivering results Consistent strategy Long-term focus on Niche positions new product in growing, regulated markets development and intellectual property 2007- 2013 39% £48m (£8m p.a. avg) 11% CAGR return on operating cash from operations in revenue capital employed In the year ended 30 November 2013 26% EPS 10% 115% reduction growth to 12.7p revenue growth to £84.3m in net debt. Net cash of £0.6m 2

Specialist filtration and environmental technology Specialist filters are used to protect costly or complex downstream systems Attractive business characteristics Annuity demand: Robust demand drivers: Barriers to entry: • Consumables: 80%+ • Secular trends • Patent protection • Long life cycles • Regulation/legislation • Quality accreditation • Bespoke • Process reliability • Design rights 3

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 Concerted new Geographic Generate cash to regulated markets product expansion to invest in: with long-term development support key • Organic growth growth prospects markets • Acquisitions • Now core to • Four key markets revenue growth • Dividends 11% revenue CAGR since 2007 Plenty of opportunity ahead 4

1 2 3 4 A focus on regulated markets with long-term growth prospects Markets Regulation Market Growth 5.0% FAA, CAA, EASA Growth in pax revenue Aviation and other specific accreditations miles 2012 - 2032 p.a. (Source: Boeing 2013) Energy and 11.5% International nuclear standards: Growth in gasification industrial NQA1, ASME, etc 2011 - 2016 p.a. process (Source: US DOE 2010) 5.6% Growth in water Environmental Approved methods: analysis consumables EPA, SEPA, EU water directives laboratory p.a. 2011 - 2016 supplies (Source: SDI Research 2012) Growth in primary 6.5% ISO and customer Molten aluminium usage 2010 accreditations; extensive metals to 2020 p.a. qualification requirements (source: Alcoa 2013) 5

1 2 3 4 Main markets and operating companies Approx share Business division Main operating companies Principal markets of Group sales 15% Microfiltration Aviation Porvair Filtration Group Energy and 30% industrial process Seal Analytical Environmental 20% laboratory supplies Porvair Sciences Metals Filtration 35% SELEE Corp Molten metals 6

1 2 3 4 Strong market positions and concerted new product development Aviation Niche positions Growth drivers Recent new products Competitive advantage • Fuel tank inerting • Aircraft build rates • Boeing, Airbus • Installed base and other fuel • Coolant systems • Maintenance • Design engineering tank inerting filters schedules skills and track • Hydraulics • A380 and 787 record • New programmes • Fuel lines coolant filters • Range of media • Retrofit: inerting • A350 underway • Design protection • Airbus NEO qualification 7

1 2 3 4 Strong market positions and concerted new product development Energy and industrial process Niche positions Growth drivers Recent new products Competitive advantage • Pulse jet systems • Gasification build • E-gas™: Posco • Installed base rates • Hot gas and • E-gas™: Reliance • Range of media gasification • Maintenance • E-gas™: SG • Design engineering: schedules • Nuclear remediation Solutions pulse jet systems • Nuclear clean-up • Polymer production • UK Government • Design protection • Energy efficiency remediation and security • Bechtel nuclear 8

1 2 3 4 Strong market positions and concerted new product development Environmental laboratory supplies Niche positions Growth drivers Recent new products Competitive advantage • Analysis of inorganic • Regulated water • Quaatro 39 • Installed base chemicals in water testing • AA1 method • Instrument design • Associated • Higher environmental development protection consumables standards • AQ2 upgrade • Porous plastics IP • Porous plastics • Developing markets and related patents • Bioscience filters • Bioscience growth • Chromatrap™ 9

1 2 3 4 Strong market positions and concerted new product development Molten metals Niche positions Growth drivers Recent new products Competitive advantage • Aluminium cast • Aluminium • Selee CSX™ • Patent protection house filtration consumption • Selee IC™ • Metallurgical • Gray and ductile • US auto and light expertise • Selee SA™ iron filtration truck production • US manufacture (for • Range extensions • Super alloys • Increased use of the Americas) high grade and exotic alloys 10

1 2 3 4 Geographic expansion to key markets: Recent developments Microfiltration principal plants - Aerospace capacity expansion Seal US - bioscience expansion and dedicated facility Thomas Cain Acquired acquisition Chand Eisenmann Metallurgical Strengthened Xiaogan European facility Metals Seal sales force opened Filtration production PFG US principal facility capacity plant expansion Opened Russian and Middle Eastern Seal Shanghai tech support tech centre office recruitment Microfiltration Metals Filtration 11

1 2 3 4 Geographic expansion to key markets: 2013 revenue by destination UK 21% Europe 13% Americas 46% Asia 18% Microfiltration Metals Filtration 12

1 2 3 4 Consistent strategy: revenue growth and margin improvement EPS growth trend established 11% revenue CAGR since 2007 Pence per share £ millions 90 14 80 12 Half year Half year 70 10 Final Final 60 8 50 40 6 30 4 20 2 10 0 0 2008 2009 2010 2011 2012 2013 2007 2008 2009 2010 2011 2012 2013 Revenue growth coming from US and Asia Net debt eliminated £ millions 16 90 £ millions 14 80 Others Half year 12 70 Asia Final 10 60 Americas 8 50 Europe 6 40 United 4 30 Kingdom 2 20 0 10 -2 0 2009 2010 2011 2012 2013 2007 2013 13

Record performance for the year ended 30 November 2013 Revenue up Revenue up Revenue up 2 % 10 % 15 % to £84.3m in Microfiltration in Metals Filtration PBT up EPS up Net debt down 25 % 26 % 115 % to £7.8m to 12.7p net cash of £0.6m 14

Income statement year ended 30 November 2013 2013 2012 £000 £000 Revenue 84,267 76,455 Operating profit 8,641 7,205 Interest (793) (906) Profit before tax 7,848 6,299 Tax (2,367) (2,017) Profit after tax 5,481 4,282 EPS (basic) 12.7p 10.1p 15

Cash flow year ended 30 November 2013 2013 2012 £000 £000 Operating cash flow before working capital movements 11,149 9,446 Working capital movement 1,116 (283) Interest (417) (518) Tax (2,104) (1,238) Capital expenditure (net of disposals) (1,543) (1,928) Net cash from operations 8,201 5,479 Acquisitions (3,324) (3,329) Proceeds from issue of shares 659 41 Dividends paid (1,175) (1,023) Exchange movements 88 53 Net debt at 1 December (3,870) (5,091) Net cash / (debt) at 30 November 579 (3,870) 16

Metals Filtration results and progress – year ended 30 November 2013 2013 2012 Revenue 2% higher , operating margins maintained £000 £000 • Stronger second half Revenue 28.5 28.0 • Margin and market share gains from patented products Operating profit 2.4 2.4 • Xiaogan plant opened New product development • Promising development pipeline • New high grade lithium aluminium alloy filter in trials • Entirely new design of filter in development 2014 outlook • Positive start to 2014 • Capacity investments in US and China 17

Microfiltration results and progress – year ended 30 November 2013 2013 2012 Revenue up 15%, operating profit up 29% £000 £000 • Record revenue and profits Revenue 55.8 48.5 • Seal Analytical up 13% Operating profit 8.6 6.7 • Two US based acquisitions completed Strategic progress • Large contracts progressing well • Good progress in aviation, nuclear • Bioscience: licencing agreement 2014 outlook • Healthy order books going into 2014 • Investment to add capacity: • UK • USA 18

2014 – 2016 opportunities market growth, market share gains and margin growth Aviation Energy and Laboratory Molten industrial supplies metals process Market growth Regulated markets with long term growth prospects – long product lifecycles Market • Steady market share • Inerting still growing • Large contracts in • Thomas Cain cross- share gains gains from IP place selling & integration protected ranges • Airbus A380 and Boeing 787 coolant • Pipeline promising • Bioscience licensing • Product range underway growth with Thermo extensions • Chand Eisenmann • A350 underway • Bioscience filtration • Initial orders for next capacity increase & development generation of new cross-selling • Airbus NEO in products qualification Margin • US sales and • Improved analyser • US expansion • New China plant built manufacturing range designs growth • Incremental product • UK capacity • Longer life hot • US manufacture of and process increases gas filters two product ranges improvements 19