(Alliance News) - Avingtrans PLC on Monday said revenue and profit rose in its financial year on the back of successful acquisitions.
The Cambridgeshire, England-based designer, manufacturer and supplier of critical products and services to the energy, medical and industrial sectors reported that revenue for the year ended May 31 increased 18% to GBP116.4 million from GBP9.1 million the year prior.
The firm said pretax profit rose to GBP7.5 million, from GBP7.0 million a year ago.
Avingtrans upped its final dividend of 2.8 pence per share, from 2.6p, bringing the total dividend of 4.5p, from 4.2p a year ago.
During the period, the firm acquired Adaptix and HES/HEVAC, as well as Slack & Parr following the year-end. It said the Adaptix acquisition "has firmly established the Medical and Industrial Imaging division as a new niche imaging systems supplier."
Looking ahead, the firm said it has performed in line with its expectations in the first quarter of financial 2024, "with the momentum of FY23 continuing into FY24". It said it will continue to target future acquisitions.
Chair Roger McDowell said: "We are delighted to report a robust set of results. It has been a challenging year in many ways however Avingtrans has again delivered and met market expectations. We used our strong balance sheet wisely in the year and bought HES/HEVAC, which is already successfully integrated with Ormandy.
"Post year-end, we acquired the assets of Slack and Parr, a specialist pump manufacturer and also completed the acquisition of X-ray specialist Adaptix, as well as further investing in Magnetica's novel MRI systems. We entered FY24 with a healthy order book and we look forward to further progress across the group this year, with macro developments in the energy, infrastructure and medical markets being tilted in our favour."
Avingtrans shares fell 3.9% to 403.75 p each on Wednesday morning in London.
By Harvey Dorset, Alliance News reporter
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Avingtrans (AVG)