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Share Price Information for Avingtrans (AVG)

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Share Price: 385.00
Bid: 380.00
Ask: 390.00
Change: 0.00 (0.00%)
Spread: 10.00 (2.632%)
Open: 385.00
High: 385.00
Low: 385.00
Prev. Close: 385.00
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Avingtrans energy division 'severely challenged' by oil price fall

Wed, 25th Feb 2015 11:57

Shares in component manufacturer for the medical, energy, industrial and aerospace sectors Avingtrans fell 9.5% on Wednesday due to forecasts of aerospace customer reductions and the decline of oil prices.Revenues in the group dropped 14% to £27.5m during the first half of the year as the slump in oil prices affected its energy and medical division.Its aerospace division was affected by the reduction of customer volumes, driving profits down during the period. Chairman Roger McDowell said the oil sector forecast "can't get materially any worse for us, so we anticipate an improved result in the second half".Profits before tax fell sharply by 91% to £259m, driving earnings per share to drop from 10.7p to 0.8p.Cash and equivalents also declined significantly from £1.74m to a negative balance of £1.2m.The group issued a profit warning in November, saying it would be hit by a number of short-term issues across its divisions.Since then, Avingtrans has taken restructuring actions and says to have a plan to relocate the manufacturing facility at Aldridge to Chatteris. The Aldridge facility will be sold in a bid to try to improve its cash position.McDoweel said on Wednesday: "Our first half results have been impacted by previously reported external factors, so I am pleased to report that we grasped the nettle of restructuring quickly."Our faith in the aerospace, energy and medical markets is undiminished and we are forging ahead with our strategy, despite short-term set-backs."Our confidence in our full year expectations is underlined by our continued dividend progression, which investors will, no doubt, welcome."Numis analysts said the results suggested the group is "back on track", giving a 'add' recommendation and a target price of 138p.FinnCap broker said: " Despite this weaker backdrop, we retain our existing forecasts while raising our price target to 135p and maintain our 'buy' rating."Shares fell 9.52% to 104.5p at 11:55.
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3 Jun 2014 14:03

DIRECTOR DEALINGS: Avingtrans Chairman Sells 125,000 Shares

LONDON (Alliance News) - Avingtrans PLC Tuesday said Chairman Roger McDowell sold 125,000 shares at a price of 158 pence per share. Following this transaction, McDowell now holds 2.4 million shares, which represents 8.6% stake in the firm. Shares in the aerospace parts maker were quot

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3 Apr 2014 10:33

DIRECTOR DEALINGS: Avingtrans CEO Buys 13,538 Shares

LONDON (Alliance News) - Avingtrans PLC Thursday said Chief Executive Steve McQuillan purchased 13,538 shares at a price of 167.45 pence per share Wednesday. Following this transaction,McQuillan's interest in Avingtrans has increased to 213,538 shares, representing approximately 0.77% of th

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2 Apr 2014 09:39

Avingtrans Wins Another Long-Term Supply Deal With Biggest Customer

LONDON (Alliance News) - Avingtrans PLC Wednesday said it won a 10-year deal with Rolls-Royce Holdings PLC to be the sole supplier of pipe assemblies for one of the engine maker's engine programmes. In a statement, the maker of components for the aerospance, energy and medical sectors said

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2 Apr 2014 09:39

Avingtrans scores deal with Rolls-Royce

Avingtrans, an AIM-listed manufacturer of critical components and associated services to the global aerospace, energy and medical sectors, announced that Sigma Components, part of its Aerospace Division, has signed a 10-year long-term agreement (LTA) with Rolls-Royce. The contact is valued at aroun

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26 Feb 2014 09:37

Avingtrans Profits, Revenues Jump On Acquisitions

LONDON (Alliance News) - Components manufacturer Avingtrans PLC Wednesday reported a sharp increase in first-half pretax profit and revenues, driven by acquisitions in both its aerospace and energy and medical divisions. The company reported a pretax profit of GBP2.9 million for the six mon

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26 Feb 2014 08:54

Wednesday broker round-up UPDATE

Anglo Pacific: FinnCap cuts target price from 279p to 216p, downgrades to hold. Ashmore Group: UBS reduces target price from 405p to 355p, while leaving its buy recommendation unchanged. Jefferies cuts target price from 475p to 375p, while its buy recommendation is kept. Barclays lowers target pric

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26 Feb 2014 08:37

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