Shares in Porvair (LSE: PRV), although failing to react to latest trading details, remain locked close to record peaks in Tuesday trade at around 520p per share.
The industrial filter manufacturer has ascended 66% in value during the past 12 months alone, and I believe there is plenty of scope for further stock price strength.
In its latest trading statement Porvair commented today that it has âmade a good start to 2017â with sales rising 6% year-on-year, or 7% on an underlying basis. It also described its order books for the remainder of the year as âhealthy.â
The company noted that its Aerospace, US industrial and Seal Analytical divisions have all performed well in recent months, and added that âprogress towards commissioning large projects continues on track with very little revenue recognised compared with the prior period, as expected.â
It has a long history of creating robust bottom-line growth, and City brokers expect this trend to continue with expansion of 5% and 7% in the years to November 2017 and 2018 respectively.
However, current forecasts make it an expensive pick at first glance, the firm dealing on a prospective P/E ratio of 28.5 times.
Still, I believe the companyâs expertise across a broad range of markets, not to mention its wide footprint across developed and emerging economies make it worthy of serious attention. Indeed, Porvair has seen sales in the US and Asia in particular detonate during the past 12 months, and these growth regions now account for 38% and 24% of group sales respectively.
And Porvair bought New Jersey-based JG Finneran Associates — which builds specialist laboratory equipment like filters, vials and microplates — earlier this month for a potential $14m to bolster its Stateside position still further.
A favoured foodie
But it isnât the only hot growth stock benefitting from an exciting outlook in the US.
Indeed, food manufacturer Greencore (LSE: GNC) saw revenues shoot 17.1% higher during the three months to December, to ÂŁ417m, thanks in no small part to its transatlantic footprint. Sales were also up 9.1% on a like-for-like basis.
At its core Convenience Food division, Greencore saw revenues in the UK and US leap 9% and 8% higher respectively during October-December, and the business is ratcheting up investment on both sides of the Pond to keep sales on an upward trajectory. Construction work at its shiny new manufacturing plant in Northampton has now been completed, while new facilities in Rhode Island and Seattle have boosted Greencoreâs position in North America.
And the acquisition of Peacock Foods in December underlines its belief in the US marketplace, a move that should widen the Irish companyâs customer base beyond core retail clients and enhance its product ranges.
The number crunchers expect Greencore to keep its own strong growth record going with earnings rises of 3% in the year to September 2017. And a 10% sprint higher is forecast for fiscal 2018.
These forecasts leave it dealing on an attractive P/E ratio of 15.3 times. This is great value for money, in my opinion, given the companyâs exciting growth strategy and particularly on foreign shores.