Last checked at 17 Jan 2011 07:00
17 January 2011 Avingtrans plc ("Avingtrans" or "the Company") Trading Statement
Avingtrans plc (AIM:AVG), a manufacturer of critical components and associated services to the medical, energy, industrial and global aerospace sectors, is pleased to provide an update on trading for the current financial year.
The Board has been encouraged by a positive first half trading performance for the six months ended 30 November 2010 and expects that as a result it will exceed current market forecasts for the year to 31 May 2011.
The strong first half trading result has been underpinned by an encouraging contribution from the Aerospace and Industrial products divisions. Within the Aerospace division there has been a general improvement across all of the end markets; bearing the fruits of previously announced new business wins and a positive contribution from Sigma China, as output from this region continues to increase.
Within the Industrial Products division, market conditions have strengthened more quickly than previously anticipated, particularly in Germany where the recovery appears to be sustainable.
Set against these highlights, the recovery within the Energy and Medical division has been less marked, although the order book supports a stronger second half
Roger McDowell, Chairman of Avingtrans commented:
"The Board is pleased that the Company has grown turnover and rebuilt operational profitability in certain divisions more quickly than cautiously anticipated by the Board at the time of our preliminary results for 2010. While our end markets remain challenging, the operational improvements across our divisions, overseen by the current management team, stand the Company in good stead in the current financial year and beyond and I look forward to providing a more detailed update at the time of our interim results, which we expect to release on 9 February 2011."
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 Communications 020 7245 1100
Nicholas Nelson / Guy McDougall
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