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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Avingtrans Plc | AVG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 390.00 | 08:00:11 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 390.00 | 390.00 | 390.00 | 390.00 |
| Industry Sector |
|---|
| INDUSTRIAL ENGINEERING |
| Top Posts |
|---|
Posted at 23/8/2023 23:48 by cerrito Been wondering if I should top up given this decrease in the share price I think I will wait till I see what September 27th brings and am put off by the wide(albeit narrowing bid:offer spread) and a feeling that I have enough. Given that we are being guided that adjusted Ebitda will be higher than last year's £12.7m perhaps eps will get over 20p from last year's 18.9p and who knows an increase in the 4p dividend, although I see we need to brace ourselves for a decrease in the healthy net cash balance . Incidentally I note no change of ownership RNS in the last 11 months pointing to a stable shareholder base. Be interesting to see if they reach out for the first time to retail investors like me, via the IMC or equivalent. I note that 12m of the 32m shares are held by the plus 3pc brigade which would lead me to think they have quite a few retail shareholders. |
Posted at 29/9/2022 08:04 by ga_dti Latest CEO interview discussing results for the year ended 31st May 2022. Steve talks through highlights, performance in the Energy division, involvement in the Medical division, M&A areas and what investors can expect his year - |
Posted at 07/7/2022 08:23 by brummy_git 'Steady as she goes' for specialist engineer Avingtrans, who said today it was trading in line with expectations.All the investor news, valuation & commentary here. www.linkedin.com/pos |
Posted at 11/4/2022 08:47 by brummy_git Investor commentary here on today's nuclear contract wins for AVGwww.linkedin.com/pos |
Posted at 18/11/2021 18:21 by dgwinterbottom Having been an investor in AVG for over 10 years it had been some four years since I last attended an AGM and so in the light of recent events decided to return to Brum and renew my acquaintance with the Board. It was a good thing I did……My first question was in response to what I picked up from one of the podcasts with reference to Magnetica and the comment made that at some point in the future progression may well be made with another party, I asked for some detail on this. Steve replied that as yet Magnetica has no market value other than that invested in it by AVG now and going forward, some 12 months from now the decision will be made as to whether they continue with another party or go it alone. The reason for going with others would be once the trials and final developments are completed the company would then have a much more recognised value and they may then progress to being a minority shareholder – say 30% - in association perhaps with one of the big names in MRI ie GE/Siemens etc. Thereafter the exit may be via a complete sale of the holding or by way of a flotation to the market. The tie up with Adaptix has also proved of great value to date in terms of gaining knowledge through the collaboration. In hindsight it might have been preferable to have made a complete buy out of Adaptix however given their now increasing value this would no longer be possible though perhaps an increased stake my be taken in a further funding round. One thing that transpired was that it has raised the possibility of making paper scans such that instead of selling a unit to a customer it could be marketed as “pay per view” that would make it more attractive to smaller outlets in the medical/veterinary field. Another problem that has been solved would have been having scanned and gained an image of patients and sending to the cloud for perhaps another medical opinion gives rise to the issue of confidentiality with regards to patient records etc, again thanks to the Adaptix collaboration a solution has been realised. The future of moving in the slipstream of Adaptix looks to be very beneficial. Composites Composites has been ticking over with ongoing work for Rapiscan manufacturing units for not only baggage scanning in places such as airports but also parcel scanning for use by the Courier industry, indeed it has been the latter that has kept the business moving during the down time of the airlines and all but closure of the airports. Currently it is viewed that unless something significant turns up in the future the unit may well be sold. Luton Site The progress towards the building of apartments on the hitherto HT Luton site is still somewhat protracted especially given multiple parties are involved. That said, Luton Council is keen and enthusiastic in the project as similar projects by others are underway with Luton being seen as a convenient commuter point for Central London. Nuclear AVG is currently in collaboration with Rolls Royce in their recently announced government funding for the nuclear modular units. It is regarded that Rolls are the leaders in the field with their size of 470Mw units being an ideal size given the infrastructure required and the perceived cost of the energy produced vis the build cost, if one goes for anything smaller the cost of electricity produced rises accordingly. The construction of such sites is envisaged to be under a large covered area thereby eliminating the problems due to weather and considerable reducing overall build time. There are other parties involved in such projects with whom they are already working such as TerraPower in the US therefore involvement with multiple parties is quite possible. Thus far the progress of 3M3 boxes for Sellafield has enabled them to have gained a position whereby they are the only manufacture to have achieved volume production status. The company so far has manufactured around 100 boxes for a current order of 1000 with the next phase order scheduled or expected in calendar year 22 but more likely 23. This will be a requirement for 15000 – at somewhere around £35k each -boxes that AVG is hopeful of a large slice of the order given their previously mentioned status, a side benefit is that they may be able to gain by selling technology transfer, to other companies who also receive orders, to get them up to volume production status as well! Oil Gas Solar etc Given the Govt commitment to reducing the use of fossil fuels the days of mass exploration in places like the North Sea back in the 1970s and 80’s are never going to return not even given the monopoly of supply currently held by the likes of the USSR. However for a long time in the future legacy assets will require upgrades, replacement of time expired parts and other essential infrastructure in this highly regulated environment. Whilst there is no market to speak of in renewables – certainly not windfarms – the emergence of large solar generation sites are not seen as being anything other than providing items such as pumps and valves for the molten salt that is involved in the process. These projects are limited to places in the world that enjoy perpetual sunshine in order to gain the best results from such projects but equipment required is useful in other fields. However one new area of interest is carbon capture, where in order to create such a facility considerable amounts of pumps, pipes and valves will be required of which of course AVG are leaders in the field. Booth The site extension is now complete allowing a more efficient production site and as has already been sees bodes well for the future. An approach was made previously in terms of its previous owner Redhall to acquire the company but a number of issues, given a legacy pension scheme and the fact the price was well outside the perceived value ruled out acquisition at the time, however the subsequent insolvency of Redhall removed just about all the problem issues making the unit far more viable. That said at time of acquisition the company had no cash, no sales team and no IT system, the introduction of these items has contributed in no small part to a very impressive turnaround. Enquiries are now being received with regard to blast proof doors for places involving the use of hydrogen for future energy projects. Conclusion It is very gratifying to see the progress that AVG has made over the years since I first invested, they have moved forward in a progressive and calculated manner becoming embedded in the fabric of nuclear decommissioning and ongoing support and may soon do the same in the MRI field. In my view the Board are to be commended for their management and guidance over the years past, and with experience gained, confidence in the future. I look forward to the future with great interest!! |
Posted at 08/7/2021 10:07 by brummy_git Strong update todayAVG video went live earlier with CEO SMQ & CFO SK, alongside my updated sector multiples & KPIs (which can be downloaded) for investors. www.linkedin.com/pos www.linkedin.com/pos Youtube link here: |
Posted at 29/6/2021 05:21 by brummy_git Just in case you missed it yesterday.Marvellous insights from Christopher Mills of Harwood Capital - a world class investor - talking about top quality stocks, such as Avingtrans. Heaven personified www.linkedin.com/pos |
Posted at 07/6/2021 06:10 by brummy_git Tracking what super smart investors do is a marvellous way of unearthing new opportunities.Specialist engineering products/aftermarket services firm Avingtrans is a case in point. Offering >35% potential upside vs my 507p/share SOTP (including all sector multiples/KPIs). The business model is to buy such high performance assets cheaply, integrate them, improve results & ultimately sell if the exit price is right. A strategy which has played out perfectly over the past decade – driving the stock up on average 20% pa (excl divs) vs 4% AIM. www.linkedin.com/pos |
Posted at 14/11/2018 10:33 by cerrito I have been going through the annual report and the following are some things that caught my attention. First well done to keeping it to 92 pages, quite an effort in today’s age for a proper operating company producing dividends . Good to see a 2 page remuneration report. Interesting that there are no pen portraits of the directors or indeed name checking of senior execs-one has to go to the About Us section of the website to get this info. 4 pages of AR devoted to pensions accounting-reflectinAll pretty straightforward. If I had been able to make the AGM I would have wanted to know about management capacity and capex requirements. To me the H1 figures will be key as we should see most of the benefits of the restructuring programme and there will be no acquisition costs. Page 4 Good that they refer to the successful integration of HAYT Was not quite sure what to make of this comment: quote As energy capital goods markets continue to recover, M&A activity remains strong and businesses like ours are commanding high valuations unquote My reading is that they expect to receive a good offer for their business but doubt if that was what was meant. It would also suggest they will not do many more acquisitions-given the valuations and indeed begs the question of how much spare management capacity they have to do another big one. Incidentally- not sure about you folks- I have yet to see high valuations for my holdings in energy capital goods makers. Page 5 Though of no relevance to AVG’s short term future interested to read that quote coal as a fuel for generating electricity will remain the number one choice throughout the next decade, unquote and lower down did not appreciate that Russia funds nuclear projects. Page 10/13 Had no particular comment on the Risks Page 16 I have no comment on Going Concern statement Only change in the stable shareholder composition is that we have said goodbye to Close who last year had 3% and said hello to Black Rock with 5.1%. This year the 3%+ shareholders have 44% of the shares. Page 19 Given that they give so little publicity to the AGM, I thought the following did not ring true The Board regards the Annual General Meeting as an opportunity to communicate directly with private investors and actively encourages participative dialogue. Page 50 Had forgotten how strong the after sales revenues from HAYT were and good that just under half the sales price for EPM/PSRE were after market. When the Interims come out will be focusing in on operating performance of EPM and am very much going on the basis that they will reverse the £1.5m operating loss. Page 51 Fact that sales to ex UK Europe were 15 pc explains why on page they were relaxed on Brexit-see the Outlook statement on page 15. Page 53 I see that for the whole year actual interest costs were £430k but we do not know how much of that relates to the second half as for the first half all we get is the finance cost of £184k. The cash flow statement is less than helpful as for the full year it has just £19k of finance expenses paid and finance income of £565k. Interest coverage is not an issue but very frustrating that for this half year to11/18 we will just get an aggregate figure for finance costs. Page 57/58 Goodwill Statement seems fair enough with assumed growth at 2%pa and a 12% discount rate. I see ,at £23m, Goodwill is 1/3rd of Net Worth and one would not want it higher. Not very keen on Other Intangible Assets at £15m-I see that 2/3 rds of this is customer relationships, which while they meet the approval of the Accountants I regard as Mickey Mouse. Financials I focused on the second half of the FY, which obviously had six months of HAYT. It produced a pretax profit of £0.5 m. For those who have not done the sums, H2 revenue was £51.9m, gross profit £13.9m and operating profit £0.8m. While of course the low pre tax profit is disappointing, I do not read too much into it. There were in H2 £116k of acquisitions costs- compared to £1.451k in H1 but presumably these costs are not repeatable till the next acquisition. H2 restructuring charge was £291k compared to £1408k in H1 and at least for the HAYT acquisition I would assume have largely been done. I note that amortization of intangibles from business combinations was £1497k in H2 down from £1808k in H1. For some reason other admin expenses went up from £4608k in H1 to £8623k and if I had been able to make it to the AGM that would have been a question. One assumes that in this current half year to 11/18 the full benefits of the restructuring will flow through. Good to see that operating cash flow was positive in H2- remember that H1 negative working cap of £6.8m. I have no feel for capex requirements. I assume some more for Maloney-page 90 but little required for Luton. I have no idea about the old PB plant at Peterborough. These capex requirements should be manageable within a pretty solid financial structure. As per note 35, £8.5m of operating lease commitments due in the next five years. I see that despite that 60% of sales were ex UK a 10 pc movement against the USD and Euro would impact profit by less than £100k- note 25. The banking situation looks OK and for me it is reasonable for them to assume that the £7m of undrawn commitments as at 5.18 will be renewed. Will be interesting to see if they seek to get the bank security lifted and indeed margins on short term borrowings lowered. |
Posted at 02/2/2018 14:36 by rogerrail I don't recall this being announced , how poor are AVG at informing investors on key developments?"MR Resources Inc. and Scientific Magnetics Ltd. are delighted to announce the formation of MR Resources Europe bringing NMR system support servicing and service contracts to European Varian, Agilent and Bruker users. ," |
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