Avingtrans PLC Pre-Close Trading Update and Notice of Results (1378B)
January 08 2018 - 1:00AM
UK Regulatory
TIDMAVG
RNS Number : 1378B
Avingtrans PLC
08 January 2018
08 January 2018
Avingtrans Plc
("Avingtrans" or the "Company" or the "Group")
Pre-Close Trading Update and Notice of Interim Results
Avingtrans (AIM: AVG), which designs, manufactures and supplies
critical components, modules and associated services to the energy
and medical sectors is pleased to provide an update for the six
months ended 30 November 2017.
The Group has performed well in the first half of the financial
year and the Board anticipates that the full year will be in-line
with market forecasts. The key financial performance indicators of
revenue, gross margin and EBITDA are all tracking the Board's
expectations and the Company continues to secure new business in
generally improving market conditions. A number of notable
contracts were secured in the period, worth almost GBP7m in total,
including: nuclear life extension contracts worth GBP2.2m in Sweden
and GBP2.5m in South Korea; a GBP1m steam turbine refurbishment
contract; an initial GBP0.5m UK gas distribution network upgrade
contract; and a GBP0.5m M6 smart motorway contract.
As stated in our Preliminary Results announcement on 27
September 2017, the immediate focus for Avingtrans has been the
integration of Hayward Tyler group (HTG) and the re-establishment
of profitable growth for that business. The initial integration of
HTG and the necessary restructuring of the Company has been
successfully completed, in particular at Luton and Peterborough
where Avingtrans has realised anticipated cost savings. In
addition, the costly elements of HTG historic borrowings were
repaid on acquisition and renewed long term banking facilities have
been secured with RBS. Therefore, the Board is pleased to report
that the opportunities for the long term profitable growth of the
enlarged Avingtrans group as presented by the acquisition are as
expected.
Notice of Results
Avingtrans will publish results for the six months ended 30
November 2017 on Wednesday 28 February 2018.
The management team will be hosting a presentation for analysts
on the day of results at 9:30am at the offices of Newgate
Communications, Sky Light City Tower, 50 Basinghall Street, London,
EC2V 5DE
Steve McQuillan, Chief Executive Officer of Avingtrans Plc,
added: "
"We are pleased with how the Avingtrans business has performed
in the period across both the Energy and Medical sectors.
Our focus has been integrating the Hayward Tyler businesses into
Avingtrans' existing business and we are happy with how this phase
of development has progressed. As we outlined in September, we
continue to be excited by the market synergies and potential that
Hayward Tyler group offers Avingtrans, both in terms of enhancing
the existing business and adding additional scale to future
opportunities."
Enquiries:
Avingtrans plc
Steve McQuillan, CEO
Stephen King, CFO 0135 469 2391
N+1 Singer
Shaun Dobson
Lauren Kettle 020 7496 3000
Newgate Communications
(Financial PR)
Adam Lloyd
Ed Treadwell
James Browne 020 7653 9850
About Avingtrans
Avingtrans is engaged in the provision of highly engineered
components, systems and services to the energy, medical and traffic
management industries worldwide.
Energy and Medical
Stainless Metalcraft Ltd - Chatteris, UK
and Chengdu, China
Provider of safety-critical equipment for
the energy, medical, science and research
communities, worldwide, specialising in precision
pressure and vacuum vessels and associated
fabrications, sub-assemblies and systems.
Maloney Metalcraft Ltd - Aldridge, UK
Designs, manufactures and services oil and
gas extraction and processing equipment,
including process plant for dehydration,
sweetening, drying and compression.
Hayward Tyler - Luton & East Kilbride, UK
and USA, China and India
Specialises in the design, manufacture and
servicing of performance-critical motors
and pumps in challenging environments
Peter Brotherhood - Peterborough, UK
Specialises in the design, manufacture and
servicing of performance-critical steam turbines,
turbo gen-sets, compressors, gear boxes and
combined heat and power systems
Composite Products Ltd - Buckingham, UK
Centre for composite technology, parts and
assemblies, serving customers in industrial
markets.
Scientific Magnetics - Abingdon, UK
Designs and manufactures superconducting
magnet systems and associated cryogenic systems
for a variety of markets
Crown International Ltd - Portishead, UK
Designs and manufactures market-leading pole
and support systems for roadside signage
and safety cameras, rail track signalling
and gantries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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