Last checked at 14 Jan 2019 07:00
14 January 2019
Avingtrans Plc
("Avingtrans" or the "Group")
Pre-Close Trading Update & Notice of Interim Results
Avingtrans PLC (AIM: AVG), which designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy and medical sectors, is pleased to announce it has continued to perform well in the first half of the financial year and is trading in line with market expectations.
The former Hayward Tyler (HT) businesses, including Peter Brotherhood, are continuing to improve and are now fully integrated into the Avingtrans structure. Peter Brotherhood's large government contract (announced on 25 June 2018) is proceeding to plan and our progress has resulted in further enquiries from the customer. The prospect pipeline for the HT businesses is robust.
Metalcraft's three metre cubed (3M3) box contract is now in production, with an expectation that we will achieve full current production capacity by financial year end.
Recent acquisitions are also integrating well. The performance of Ormandy Group (acquired in February 2018) is steadily improving and the outlook for the business is strong. Integration is also underway at Tecmag, acquired in October 2018. This small but strategically important acquisition increases our ability to service the Magnetic Resonance Imaging and Nuclear Magnetic Resonance market sectors. In turn, this supports investment in new product development and initial projects are already underway.
As previously noted, we do not expect that Brexit will have a material impact on our operations and our European exposure is relatively limited.
The Group will publish its results for the six months ended 30 November 2018 on Wednesday 27 February 2019.
The management team will be hosting a presentation for analysts on the day of results at 9:30am at the offices of Newgate Communications, Sky Light City Tower, 50 Basinghall Street, London EC2V 5DE.
Enquiries:
Avingtrans plc Steve McQuillan, CEO Stephen King, CFO
| 0135 469 2391 |
N+1 Singer Shaun Dobson / Lauren Kettle (Corporate Finance) Rachel Hayes / Mia Gardner (Corporate Broking)
| 0207496 3000 |
Newgate Communications (Financial PR)Adam Lloyd Tom Carnegie | 020 3757 6880 |
About Avingtrans
Avingtrans is engaged in the provision of highly engineered components, systems and services to the energy, medical and traffic management industries worldwide.