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Last year the trading update was Monday 14th Jan, so I'm anticaping similar on either 13th or 20th Jan this year. As you say, one to hold.
Next results....
The half year interims to 30 Nov were RNS'd 27 Feb 2019, just under the days following, so maybe the same time of year again.
In any case, the outcome for the half year to 30/11 is likely to already be reasonably clear within the company.
Yes, I'm tempted to feel the same although a re-read of their RNS of 18-9-2019 for their Final Results very much reminds me we now have a substantial and very high quality large group of operations.
Any one of those could produce a surprise advance and I remain a firm holder ahead of the next update.
There must be something in the background which is driving the daily sp uptick - suchlike doesn't occur by chance serendipity.
Can't help but feel that sp is now looking toppy in the absence of any recent news. Much depends on next trading update.
Both bid and ask as recorded - actual trades.
Nice to see that those share prices on the board, for AVG.....it's been a while and well done them for recovering a decent chunk of the "lost ground" on the sp.
Wow, talk about a recommendation! This must be the worldwide and incredibly expensive effort to make the next step in fusion power, ie free energy for ever, producing no CO2. I would guess if the heat transport system fails then you have a very VERY big problem. Fusion power is a controlled continuous H-bomb, from which the heat has to be removed for electricity generation. If it fails quite likely you have a huge fusion bomb - ie H-bomb - in the middle of Europe. AVG are being trusted for total reliability in one of the riskiest situations possible. I'm NOT a nuclear physicist, but that would be my amateur understanding, which others are welcome to contradict/expand on.
VERMONT, USA – Hayward Tyler, a global leader in performance-critical pumps and motors for the energy sector, has been awarded a $4.6M contract to supply a canned-motor pump package to support US ITER. US ITER is a Department of Energy Office of Science project managed by Oak Ridge National Laboratory in Tennessee. The ITER project is a joint international research and development project with the programmatic goal of demonstrating the scientific and technical feasibility of fusion power. The demonstration facility is under construction in St.-Paul-lez-Durance, France, and will be the largest fusion experimental reactor in the world.
Hayward Tyler’s canned motor pump package will be an integral part of the Vacuum Vessel Primary Heat Transport System (VV PHTS) and consists of four (4) pumps that will be designed, built, and tested at Hayward Tyler, Inc. in Colchester, Vermont. The pumps will be in accordance with various international and project-specific standards and delivered to the ITER facility on behalf of the US ITER program.
Spurts of activity in the shares of late. Anyone aware of the source?
Commenting on the results, Roger McDowell, Chairman, said "It has been a record year for the Group, in terms of orders, revenue and profit, reinforced by the deft execution of our now well-proven Pinpoint-Invest-Exit strategy (PIE). The former Hayward Tyler Group (HTG) businesses performed very well in their first full year with the Group and the Ormandy turnaround produced a solid, if modest profit in its first full year since acquisition in February 2018. The recent, tactical acquisitions of Tecmag, Texas; Booth, Bolton, UK; and Energy Steel, Michigan are all integrating well thus far. The Energy divisions and their management teams have proven themselves to be commercially astute and we continue to focus on profitable growth, to build valuable, enduring businesses. Our budding medical division continues to make slow, but steady progress, as it seeks to develop new technologies, to break through into new sectors.
We continue to concentrate on aftermarket opportunities, servicing end-user customers with comprehensive solutions, resulting in good growth and strong prospects. The nuclear life extension and decommissioning arenas are fertile ground for us, as demonstrated by contract wins in the period worldwide. Other market areas are also proving fruitful - such as renewable energy - and a more stable oil and gas environment has seen us win important contracts in that sector. Brexit and tariff wars are unwelcome distractions for the Group, but they will not cause us to deviate from our well-planned course. Despite the chill in the macroeconomic air, we remain quietly confident about our prospects in both Energy and Medical, with our strong Balance Sheet allowing us to be both agile and resilient. Recent order wins and our pipeline of opportunities underpin that outlook."
Invariably, ST has the opposite effect with his reviews. Hopefully, not on this one!
Simon Thompson in IC has upped his price target to 300p.
Excellent news!
Agree - and with financial year end (31 May) just past hopefully a trading statement before end of June.
Nice addition announced today.
Pleased to see the shares firming up and in the absence of published new news.
Great to see some movement, been holding for what seems like forever.
Very positive.
Steady as she goes!
Encouraging to see our largest and longterm shareholder adding to his holding (up from 9.8% to 10.3%). I presume all the 180k share trade at 224p last Friday.
Information has sent the shares better ahead of AGM to be held later this week.
Resignation of Non-Executive Director
Avingtrans plc, which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, announces that Ewan Lloyd-Baker, Non-Executive Director, has tendered his resignation and will leave the Group with effect from 30 November 2018.
Ewan became a Non-Executive Director following the acquisition of the Hayward Tyler Group by Avingtrans in September 2017. Having overseen the successful handover he now wishes to pursue other interests.
Ewan Lloyd-Baker commented: "I am pleased that in Avingtrans, the Hayward Tyler Group has found a supportive owner that is dedicated to investing in it and creating long term value for its shareholders. I am sure they will continue to make positive steps in this regard."
Roger McDowell, Chairman of Avingtrans, commented: "I'd like to thank Ewan for his support during the transition of the Hayward Tyler Group into Avingtrans and on behalf of the Board, wish him well for the future."
Outlook
Avingtrans is a niche engineering market leader in the Energy and Medical sectors. Recent acquisitions (particularly that of HTG) will afford investors another opportunity to build enduring value with us in a rich seam of engineering market niches. We will continue to be frugal and seek to crystallise value and return capital when the timing is right, as part of our successful PIE strategy.
The Group is now focused on investing in its three new divisions in the global energy and medical markets, to position them for maximum shareholder value via eventual exits in the years to come. To this end, it was essential that the integration and restructuring following the acquisition of HTG was both quick and clinical, allowing the management team to concentrate on profitable future growth.
The energy divisions have a strong emphasis on both the nuclear and off shore Oil & Gas markets, both of which are showing signs of regeneration. The medical division continues to focus on high integrity components and systems for leading medical, industrial and scientific equipment manufacturers.
To drive short term profitability and market engagement, all divisions have clear strategies to support end-user aftermarket operations, whether by servicing their own equipment or that of third parties, to capitalise on the continued drive for efficient, reliable and safe facilities.
We are not unduly concerned by Brexit, since our direct EU exposure is rather limited and we have taken some initial evasive action in our supply chains, with likely further such actions to follow, depending on the exact nature of the Brexit deal. Similarly, US government tariff change risks have been largely mitigated by an agile supply chain response and we will continue to monitor this situation closely.
As markets continue to recover, M&A activity remains strong and businesses like ours can command high valuations at the point of disposal, as was perfectly exemplified by the Sigma sale previously. At Avingtrans, we are confident about the current strategic direction and potential future opportunities across our markets and sphere of influence. We will continue to hone our business by pinpointing specific additional acquisitions as the opportunities arise, to invest and build businesses that we expect to attract premium valuations.
Commenting on the results, Roger McDowell, Chairman, said:
"It has been an exciting year, during which, the Group continued to execute its Pinpoint-Invest-Exit strategy (PIE) through the acquisitions of Hayward Tyler Group (HTG) and also Ormandy Group. With an eye on eventual exits, we have restructured the Group into two separate energy divisions and an incubator medical division. A highlight of FY2018 was the speedy and successful integration of the substantial Hayward Tyler Group acquisition. The new Energy divisional structures and management teams have become effective quickly and their focus is clearly on growth, to build two formidable and valuable divisions. The nascent medical division made slower progress, though we have galvanised our strategic path by partnering on service with MR Resources Inc.
We are nurturing an unswerving focus on aftermarket opportunities, as we service end-user customers with fast, local and flexible solutions, resulting in strong growth prospects. Nuclear life extension and decommissioning markets also continue to provide fertile ground for growth, underpinned by contract wins in the UK, USA, South Korea and mainland Europe. However, we are mindful of avoiding over-dependence on nuclear and thus, we are developing into new markets, such as renewables with (eg) funding from the DoE in the USA for future generation solar plants. Exciting times lie ahead."
Financial Highlights
· Revenue increased by 247% to £78.9m (2017: £22.7m), driven by HTG acquisition
· Underlying revenue growth, excluding acquisitions was 10.9%
· Improved Gross Margins at 25.5% (2017: 17.9%)
· Adjusted EBITDA increased by 690%, to £5.7m (2017: £0.7m)
· Adjusted Profit before Tax increased by 820%, to £2.4m (2017: £0.3m)
· Adjusted Diluted earnings per share increased to 8.4p (2017: 1.1p)
· Cash outflow from operating activities £6.9m (2017: £3.3m)
· Net Debt was £7.1m (31 May 2017: net cash of £26.4m)
· Increased final dividend of 2.3p per share (2017: 2.2p). Full year 3.6p (2017: 3.4p)
Hayward Tyler secures over $3m of high temperature molten salt pump contracts
Avingtrans (AIM: AVG), which designs, manufactures and supplies critical components, modules and associated services to the energy and medical sectors is pleased to announce that it has recently secured over $3m worth of contracts related to molten salt applications in advanced nuclear and solar power technologies in the USA.
The first set of contracts, worth approximately $2.4m, is for the design, manufacture and test of high temperature (>700oC) molten salt pumps for advanced nuclear test facilities. The second set of contracts relates to government funded projects worth approximately $1m to HT for the research and development of pumps to be deployed in both advanced solar and advanced nuclear test facilities. In its entirety the total value of the government contracts for these packages is in excess of $2.5m with the share going directly to Hayward Tyler's project partners. The development work and equipment will be provided by the team based in the HT facility in Colchester, Vermont, USA.
Hayward Tyler, owned by Avingtrans plc, has continuously supported the existing power generation markets with engineered pump solutions for decades and has maintained its commitment to the nuclear industry since the inception of the commercial nuclear market. With the back drop of increasing energy demand and climate change challenges, these contracts reinforce the Hayward Tyler position as a global technology partner in the development of new low carbon energy solutions.
Mike Turmelle, President of the Engineered Pumps and Motors division, said: "These contracts for highly engineered design solutions to support advanced power generation technologies really highlight the depth of talent within our organisation. I'm delighted for our USA team who continue to deliver engineering excellence in everything they do."
Steve McQuillan, CEO, added: "These contract wins are further evidence of the strength of Hayward Tyler in the market place and underpin the ongoing strategy across the group. The nuclear market, across the whole fuel cycle, remains a key theme across both our Energy Divisions".