Last checked at 18 Jan 2024 07:00
18 January 2024
Avingtrans Plc
("Avingtrans", the "Company", or the "Group")
Trading Update and Notice of Results
Avingtrans PLC (AIM: AVG), which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, announces that trading in the first six months of the financial year to 30 November 2023 is in line with the Board's expectations.
Advanced Engineering Systems Division (AES)
Furthermore, the Board is pleased to officially introduce the newly formed Advanced Engineering Systems (AES) division. The AES division has been established as an amalgamation of the Engineered Pumps and Motors (EPM) Division and the Process Solutions and Rotating Equipment (PSRE) division. Encouragingly, order intake in the newly formed division continues to be robust.
Austen Adams, formerly the managing director of the PRSE division, will assume leadership of this newly integrated division. The Board would like to extend its sincere best wishes and gratitude to Mike Turmelle, the former head of the EPM division, who has stepped down from his role and left the Company. His contributions during his tenure at Avingtrans are highly appreciated.
The consolidation of these divisions is driven by two primary objectives. Firstly, it aligns with the Group's Pinpoint-Invest-Exit ("PIE") model by facilitating strategic exits for the business units within the division. Secondly, it aims to present a clearer distinction of the mature engineering businesses and their overall contribution to the Group's results.
This division contrasts significantly with the investment requirements of the earlier stage Medical and Industrial Imaging division (MII), where progress in the period by Adaptix and Magnetica remains largely on track in terms of product and market development.
Notice of Results
Avingtrans will publish its results for the six months ended 30 November 2023 on 28 February 2024, at which time it will provide a further performance update.
Steve McQuillan, CEO of Avingtrans, commented:
"I am pleased to announce that the Group's trading performance for the first half of the year is in line with the Board's expectations and, we are comfortable in achieving market expectations for FY24. Additionally, we are pleased to announce the formation of the new Advanced Engineering Systems (AES) division by combining the mature engineering businesses and identifying their contribution to the Group, which contrast to the investment requirements of the nascent Medical and Industrial Imaging division. We will comment further on this in our half year results in February."
Enquiries:
Avingtrans plc | 01354 692 391 |
Roger McDowell, Chairman Steve McQuillan, Chief Executive Officer Stephen King, Chief Financial Officer
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Singer Capital Markets (Nominated Adviser and Broker) | 020 7496 3000 |
Shaun Dobson Alex Bond Oliver Platts
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IFC Advisory (Financial PR) | ?020 3934 6630 |
Graham Herring Tim Metcalfe Zach Cohen |
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About Avingtrans plc:
Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.
Business units
Hayward Tyler - Luton, East Kilbride & Nottingham, UK, USA, China and India Specialises in the design, manufacture and servicing of performance-critical motors and pumps for challenging environments. Energy Steel, Inc - Rochester Hills, Michigan, USA Provider of custom fabrications for the nuclear industry, specialising in: OEM parts obsolescence; custom fabrications; engineering design solutions; product refurbishment; on-site technical support. Stainless Metalcraft Ltd - Chatteris, UK Provider of safety-critical equipment for the energy, medical, science and research communities, worldwide, specialising in precision pressure and vacuum vessels and associated fabrications, sub-assemblies and systems. Booth Industries - Bolton, UK Designs, manufactures, installs and services doors and walls which can be tailored to be: blast and explosion proof; fireproof; acoustically shielded; high security/safety; or combinations of the above. Ormandy Group - Bradford, UK Design, manufacturers and servicing of off-site plant, heat exchangers and other HVAC (heating, ventilation and air conditioning) products. Composite Products Ltd - Buckingham, UK Centre for composite technology, parts and assemblies, serving customers in industrial markets. Adaptix Ltd - Oxford, UK Adaptix has developed novel 3D X-ray for Orthopaedic and Veterinary applications amongst others. Commercialisation of this system (and others) is on-going. Magnetica Ltd - Brisbane, Australia Magnetica Limited specialises in the development of next generation MRI technologies, including dedicated extremity MRI systems and MRI system components. Magnetica has successfully built and tested a compact, integrated 3 Tesla orthopaedic MRI system, demonstrating clinical-quality imaging. Commercialisation of this system (and others) is on-going. Magnetica's structure now includes two other business units: Scientific Magnetics - Abingdon, UK Designs and manufactures superconducting magnet systems and associated cryogenics for a variety of markets including MRI and provides services for Nuclear Magnetic Resonance instruments. Tecmag Inc - Houston, USA Designs, manufactures and installs instrumentation, including consoles, system upgrades, and probes, mainly for Magnetic Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR) systems. |