(Alliance News) - Avingtrans PLC announced on Thursday that its current trading is in line with market expectations.
The Cambridgeshire-based energy, medical and industrial markets manufacturer made the announcement ahead of its annual general meeting on Thursday.
It follows an announcement on September 28 that said it remained cautiously optimistic about its strategic direction, despite widening expenses and production delays.
For the financial year that ended May 31, Avingtrans reported a profit of GBP7.0 million, up from GBP5.4 million. Revenue increased by 1.9% to GBP100.4 million from GBP98.5 million a year prior, but administrative expenses increased by 12% to GBP23.2 million from GBP20.8 million.
It accounted for increased costs as part of wider supply chain disruptions and customer order delays following Covid-19 and the Russian invasion of Ukraine.
Shares in Avingtrans grew by 2.4% to 420.00 pence in London on Thursday afternoon.
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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Avingtrans (AVG)