Avingtrans Regulatory News (AVG)

6 Jul 2006 07:00

Embargoed: 0700hrs 6 July 2006 Avingtrans plc ("Avingtrans" or the "Group") Trading Statement * Substantial improvement in sales, profit and EPS for FY 2006 * Adjusted earnings per share in line with market expectations for FY2006 * Current trading up to management expectations in start of FY2007 * New rolling two year supply agreement for MRI scanner components between Stainless Metalcraft Limited and Siemens Medical * New three-year supply agreement for finishing aero engine turbine blades with Rolls Royce * China start up with Sigma Precision Components on schedule The Board of Avingtrans, a designer, manufacturer and supplier of criticalcomponents and services to worldwide medical and technology industries, ispleased to advise that trading in the twelve months to 31 May 2006 (the"Period") will be significantly above the performance for the previousfinancial year in terms of turnover, profit and earnings per share.The Company expects adjusted earnings per share for FY2006 to be in line withmarket expectations. This is despite a softening in turnover at StainlessMetalcraft in the last quarter that resulted in lower than expected growth inoverall group sales for the Period. Whilst both the Jena Group and C&HPrecision Finishers have enjoyed higher than expected sales in the Period, thedelay in publication of a governmental report on speed cameras meant that salesat Crown were also lower than expected.These factors are being reversed, resulting in trading in the current yearbeing in line with management expectations. The Board is pleased to highlightboth the three year supply agreement for C&H Precision Finishers with RollsRoyce plc, announced during the Period, together with a new two year supplyagreement with Siemens, a significant customer of Stainless Metalcraft.Sigma Precision Components, based in Chengdu, Sichuan province, China, in whichAvingtrans recently acquired a 75% interest, continues to make progress towardsstart up of manufacturing of aerospace components in late 2006. TheGroup looks forward to another year of profitable growth.Final Results for the twelve months to 31 May 2006 are expected to be publishedon Wednesday 6 September 2006. -Ends- For further information please contact,Ken Baker, ChairmanStephen King, Finance DirectorAvingtrans plcTel. 0115 949 9020Ben SimonsHansard CommunicationsTel. 020 7245 1100ENDAVINGTRANS PLC