Avingtrans reinstalls dividend

Avingtrans, designer, manufacturer and supplier of critical components and associated services to the energy, medical, industrial and global aerospace sectors, posted a 32% increase in full year earnings and reintroduced a dividend payment.EBITDA increased 32% to £3.3m for the year ended 31 May 2011 from £2.5m in 2010. Turnover increased by 27% to £36.3m. Gross profit margin increased to 29% from 26% the year before.Pre-tax profit rose to £1.4m from £0.5m previously and a final dividend of 0.4p has been reintroduced. Chairman Roger McDowell, "After an arduous financial year in 2010, the majority of our markets continued to regenerate positively...Long term contracts with global OEMs that are not dependent on the UK economy are very important to our future and potential further good news is in the pipeline."He added, "As anticipated at the half year, we are pleased to confirm a return to our progressive dividend policy, with our commitment to pay a final dividend in line with expectations and a firm intention to continue with dividend payments in future."CJ Avingtrans