Last checked at 15 Dec 2011 07:00
15 December 2011 Avingtrans Plc ("Avingtrans" or "the Company") GBP3m Contract Win/ Trading Update
Avingtrans (AIM: AVG), a manufacturer of critical components and associated services to the medical, energy, industrial and global aerospace sectors, is pleased to announce that Sigma Precision Components ("Sigma"), a part of Avingtrans's Aerospace Division, has won a contract worth GBP 3 million over three years, with a further possible two year extension, to deliver rigid pipe assemblies to a market leader in the supply of flight controls to customers across the aerospace and defence sectors, including Boeing.
Avingtrans' Sigma facilities in the UK and China will be involved in manufacturing the pipes, with the contract running for at least three years, with extensions likely. The division's global capability was a key factor in winning the bid process.
Trading update
The Board of Avingtrans is pleased to report that trading continues to remain in line with market expectations for the full year. In particular, the progress being made by the Company in the aerospace sector continues to provide the Board with confidence. Whilst certainly not immune to a global economic downturn, the Company remains well diversified in terms of its manufacturing footprint and exposure to various end markets.
Interim results
The Company expects to release its interim results for the six months ended 30 November 2011 in the latter half of the week commencing 20 February 2012.
Steve McQuillan, Chief Executive of Avingtrans, commented:
"We are delighted to have been selected as the chosen supplier by this market leader, following this competitive bid process. Avingtrans' Sigma subsidiary has been supplying this particular market leader with machined parts for many years and this new rigid pipe package strengthens our business relationship significantly. We are also happy to be tracking market expectations in what are tough market conditions for many businesses at present."
Enquiries:
Avingtrans plc 0115 949 9020
Steve McQuillan, CEO
FinnCap 020 7600 1658
Marc Young / Henrik Persson - Corporate Finance
Brian Patient / Steve Norcross - Corporate Broking
Hansard 020 7245 1100
(Financial PR)
Guy McDougall/ Nicholas Nelson
XLON