(Alliance News) -Â Avingtrans PLC on Wednesday reported a jump in interim profit and said it plans to reinstate a full-year dividend.
Avingtrans designs, makes and supplies equipment and services to the energy, medical and industrial markets.
Revenue for the six months to the end of November edged down 0.4% to GBP54.1 million from GBP54.3 million a year ago, though pretax profit more than tripled to GBP1.4 million from GBP444,000 as cost of sales fell 7.4% to GBP37.4 million from GBP40.4 million.
"Avingtrans continues to make good progress during the pandemic and has proven to be resilient. Following our PIE strategy, both Booth Industries and Energy Steel are continuing to improve since acquisition and the potentially transformational deal with Magnetica (post period end) is an exciting prospect for the medical division. The period result shows improving profits against flat revenues, once more demonstrating our agility, even in adversity," said Chair Roger McDowell.
With improving results and "resilience", the company expects to reinstate a full-year dividend.
"We expect that this dividend should incorporate a component for the half year, to restore our annual dividend position to "normal". Whilst the results for the group were solid in the period, the context of the pandemic remains current, so we believe that it is still prudent to hold back any immediate dividend," the company said.
Avingtrans shares were up 1.0% at 313.00 pence in London on Wednesday.
By Lucy Heming;Â lucyheming@alliancenews.com
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Avingtrans (AVG)