AVINGTRANS PLC 25 June 2018
Avingtrans Plc
('Avingtrans' or the 'Company' or the 'Group')
Notice of Full Year Results, Contract Win and Trading Update
Avingtrans (AIM: AVG), which designs, manufactures and supplies critical components, modules and associated services to the energy and medical sectorsprovides an update in respect of its financial year ended 31 May 2018.
The Group maintained the positive performance of the first half in the second half of the financial year and is pleased to report that full year results will be in-line with market forecasts.
Trading remains strong. The Group maintains a robust order book and order cover, including run rate business, as at 31st May is at 72% of revenue expectation for FY2019.
Net debt is marginally higher than previously anticipated, due to the investment of additional working capital following the acquisition of certain assets of Ormandy Group Limited, as reported in the Group's interim results.
Following the successful integrations of Hayward Tyler Group and Ormandy, the Company is pleased to report an improved margin mix and, as such, expects its profit in FY2019 to exceed previous expectations.
Contract Win
The Company is pleased to announce that it has been awarded a contract with a UK Government agency, worth circa £5m. The project is scheduled for completion during FY2020, split evenly over the next two years.
The UK Government agency, which is a new customer for Peter Brotherhood, has signalled that access to our large scale, world-class facility will give Avingtrans the opportunity to tender for further business.
The contract's implementation will utilise a combination of resources from both Peter Brotherhood and Metalcraft. The Board views this win as further justification for acquiring Hayward Tyler Group and demonstrates its successful integration.
Commentating on the contract win, Austen Adams, Managing Director of the Process Solutions division, said:
'We are delighted to secure a new and significant contract for Peter Brotherhood which, following the Hayward Tyler acquisition, is an important part of the Avingtrans group and gives the group significant opportunities to tender for new business in new markets.'
Commentating on the contract and the trading update, Steve McQuillan, CEO, said:
'This is an excellent contract win for Austen and his team and it demonstrates the leverage that the group can exercise, by coordinating the efforts of the teams in different business units with complimentary capabilities. The Hayward Tyler and Ormandy integrations are going well and we look forward to updating shareholders at the time of the results in October.'
Notice of Results
Avingtrans will publish results for the twelve months ended 31 May 2018 on 3 October 2018.
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 | 020 7496 3000 |
NewgateCommunications James Browne | 020 7653 9850 |
About Avingtrans
Avingtrans is engaged in the provision of highly engineered components, systems and services to the energy, medical and traffic management industries worldwide.
Energy and Medical
Stainless Metalcraft Ltd - Chatteris, UK and Chengdu, China and Whiteley Read Ltd - Rotherham, 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. Maloney Metalcraft Ltd - Aldridge, UK and Ormandy Rycroft Engineering Ltd - Bradford UK | |
Maloney designs, manufactures and services oil and gas extraction and processing equipment, including process plant for dehydration, sweetening, drying and compression. Ormandy offers products and solutions for the Building Services, Mechanical and Engineering and Off-shore industries, including packaged plant room assemblies, packaged energy centres, offsite solutions and offsite plant facilities. Hayward Tyler - Luton & East Kilbride, UK and USA, China and India Specialises in the design, manufacture and servicing of performance-critical motors and pumps in challenging environments Peter Brotherhood - Peterborough, UK Specialises in the design, manufacture and servicing of performance-critical steam turbines, turbo gen-sets, compressors, gear boxes and combined heat and power systems | |
Composite Products Ltd - Buckingham, UK Centre for composite technology, parts and assemblies, serving customers in industrial markets. Scientific Magnetics - Abingdon, UK Designs and manufactures superconducting magnet systems and associated cryogenic systems for a variety of markets Crown International Ltd - Portishead, UK Designs and manufactures market-leading pole and support systems for roadside signage and safety cameras, rail track signalling and gantries. | |
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Avingtrans plc published this content on 25 June 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 June 2018 06:12:02 UTC
