Avingtrans PLC - Cambridgeshire, England-based company which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors - Reports revenue of GBP50.0 million for the six months ended on November 30, up 12% from GBP44.5 million a year before. Pretax profit is up 3.1% to GBP3.3 million from GBP3.2 million, while adjusted pretax profit amounts to GBP4.0 million, up 5.3% from GBP3.8 million the year before. Adjusted earnings before interest, tax, depreciation and amortisation is up 11% to GBP6.4 million from GBP5.7 million. Declares an interim dividend of 1.7 pence per share, up 6.3% from 1.6p a year prior.
Chair Roger McDowell says: "The group continues to invest across its three divisions, with a focus on the global energy and medical markets, to position them for maximum shareholder value, by means of exits in the years to come. Strong order intake and timing of contract revenue recognition has provided management with good visibility over H2 2023 revenue and profits, on-going supply chain disruptions notwithstanding."
Looking ahead, Avingtrans says it remains cautiously confident about achieving full-year market expectations.
Current stock price: 373.00 pence each, down 3.7% on Wednesday afternoon in London
12-month change: down 13%
By Xindi Wei, Alliance News reporter
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Avingtrans (AVG)