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4 Apr 2017 07:01
Issued on behalf of Flowtech Fluidpower PLC Date: Tuesday, 4 April 2017 Immediate Release |
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
FLOWTECH FLUIDPOWER PLC ("Flowtech" or the "Group" or "Company")
Quarter 1 Trading Update |
The Board of Flowtech Fluidpower plc issues the following unaudited Trading Update covering the period from 1 January 2017 to the date of this announcement. The financial reporting period covers the first quarter to 31 March 2017.
Group revenue for the first quarter increased by approximately 31.8%. This performance was driven by positive momentum in all business divisions, enhanced by the contribution from our new subsidiaries.
Q1 2017 | Q1 2016 | Growth | |
Revenue | £'000 | £'000 | % |
Flowtechnology | 10,079 | 9,082 | 11.0 |
Power Motion Control | 6,279 | 4,069 | 54.3 |
Process | 1,120 | 107 | 947.2 |
Group revenue | 17,478 | 13,258 | 31.8 |
Net debt | 5,500 | 13,290 |
Our Flowtechnology division increased revenues by 11.1%. This has been driven by year on year organic growth in the base business and by the acquisition of Indequip on 19 February 2016. Despite significant increases in input price for product, gross margins have been maintained due to our flexible pricing model.
Power Motion Control division also increased revenues by 54.3%. Whilst this was substantially driven by the acquisition of HTL in January 2017, which has made a very encouraging start under our ownership, the remaining operations have also performed well in the period.
Our first Process division acquisition was made on 18 March 2016, therefore Q1 revenue for 2016 represents only two weeks trading. Performance in this division also remains very encouraging.
Group gross margin achieved remains in line with market expectations.
Sean Fennon, CEO
Flowtech Fluidpower plc
Note: The Group has today also released its Final statement of results for the year ended 31 December 2016
http://www.rns-pdf.londonstockexchange.com/rns/4524B_1-2017-4-3.pdf
Enquiries: | ||||
Flowtech Fluidpower plc Sean Fennon, Chief Executive Officer Bryce Brooks, Chief Financial Officer Tel: +44 (0) 1695 52796 AIM: symbol: FLO email: info@flowtechfluidpower.com website: www.flowtechfluidpower.com | ||||
Zeus Capital Limited (Nominated Adviser and Broker) Andrew Jones, Jonathan Sharp (corporate finance) Dominic King, John Goold (sales & broking) Tel: +44 (0) 203 829 5000
finnCap Limited (Joint Broker) Ed Frisby, Kate Bannatyne (corporate finance) Rhys Williams, Emily Morris (sales & broking) Tel: +44 (0) 20 7220 0500
TooleyStreet Communications (IR and media relations) Fiona Tooley Tel: +44 (0) 7785 703523 or email: fiona@tooleystreet.com | ||||
EDITORS' NOTE Flowtech Fluidpower plc, founded as Flowtech in 1983, is the UK's leading specialist supplier of technical fluid power products. The Group has three divisions: Flowtechnology, Power Motion Control and Process. All three of the Group's divisions have overlapping product sets, allowing procurement synergies to be maximised.
The Flowtechnology division focuses on supplying distributors and resellers of industrial MRO (maintenance, repair and operation) products, primarily serving urgent orders rather than bulk offerings. It is formed from Flowtechnology UK, Flowtechnology Benelux and Indequip. It offers an unrivalled range of Original Equipment Manufacturer (OEM) and Exclusive Brand products to over 3,400 distributors and resellers and the catalogues are recognised as the definitive source for fluid power products, containing 100,000 individual product lines and are distributed to more than 80,000 industrial Maintenance, Repair and Overhaul end users (MRO). The Power Motion Control division specialises in the design, assembly and supply of engineering components and hydraulic systems and is further enhanced by a service and repair function. The division is formed from Primary Fluid Power, Nelson Hydraulics, TSL Fluidpower and HTL. The Process division focuses on the supply of industrial components to the process sectors.
The Group's main distribution centre is in Skelmersdale, Lancashire with further distribution centres in the Netherlands and China. The Power Motion Control division (PMC) has operations in Merseyside, Northern Ireland, the Republic of Ireland, Shropshire and Yorkshire; Process operates from the West Midlands. In total the business employs 319 people. |
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