Last checked at 15 Jun 2010 07:00
15 June 2010 Avingtrans plc ("Avingtrans" or the "Group") Trading Statement Contract Win and Notice of results Trading update
Avingtrans (AIM:AVG), the designer, manufacturer and supplier of critical components and associated services to the energy, medical, industrial and global aerospace sectors, announces a trading statement ahead of the announcement of the full year results.
As anticipated in the trading update we gave in March, the Board still expects to be profitable in the second half of the financial year. The Board expects further improvement in the Group's performance over the next 12 months and will update shareholders further when the audited accounts are published.
Notice of results
The Group expects to report its full year results for the year ended 31 May 2010 on Wednesday 8 September 2010.
Contract win for Industrial Products division
Avingtrans is pleased to announce that its subsidiary, Moss Group Automation, part of Avingtrans Industrial Products division, has secured a contract worth £ 650,000 for the supply of a retrofit of a transfer line machine system of a leading UK tier one supplier to the automotive industry, based in Coventry, UK.
The scope of supply includes the design, manufacture and retrofit of a complete series of CNC machine tool systems with more modern technology and machine tool components allowing faster productivity and throughput.
The complete project will be designed, installed and commissioned by January 2011. Avingtrans investment in the brand names of Moss and Systematic, both well known trade names in the automotive industry has secured their position in the niche engineering sector and takes advantage of a shrinking skill set for this type of work available in the UK.
Commenting on contract win, Steve McQuillan, CEO of Avingtrans, said:
"Our customer is experiencing rising volumes of production for new low emission engine models for its principal customer, a well known Automotive OEM with substantial engine production in the UK. To cope with demand, our customer selected Moss Group, part of Avingtrans Industrial Products division to perform the work.
"Export potential of this high precision sector of the machine tool industry is showing positive indications as Avingtrans capitalises on its global distribution network and group companies particularly in mainland Europe, USA and Asia."
www.avingtrans.plc.ukEnquiries:
Avingtrans plc, Steve McQuillan, CEO
Tel: +44(0)115 949 9020
KBC Peel Hunt, Richard Kauffer
Tel: +44(0)20 7418 8900
Hansard Communications, John Bick /Kirsty Corcoran
Tel: +44(0)20 7245 1100
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