Avingtrans PLC Pre-Close Trading Update and Notice of Results (1378B)

TIDMAVG

RNS Number : 1378B

Avingtrans PLC

08 January 2018

08 January 2018

Avingtrans Plc

("Avingtrans" or the "Company" or the "Group")

Pre-Close Trading Update and Notice of Interim Results

Avingtrans (AIM: AVG), which designs, manufactures and supplies critical components, modules and associated services to the energy and medical sectors is pleased to provide an update for the six months ended 30 November 2017.

The Group has performed well in the first half of the financial year and the Board anticipates that the full year will be in-line with market forecasts. The key financial performance indicators of revenue, gross margin and EBITDA are all tracking the Board's expectations and the Company continues to secure new business in generally improving market conditions. A number of notable contracts were secured in the period, worth almost GBP7m in total, including: nuclear life extension contracts worth GBP2.2m in Sweden and GBP2.5m in South Korea; a GBP1m steam turbine refurbishment contract; an initial GBP0.5m UK gas distribution network upgrade contract; and a GBP0.5m M6 smart motorway contract.

As stated in our Preliminary Results announcement on 27 September 2017, the immediate focus for Avingtrans has been the integration of Hayward Tyler group (HTG) and the re-establishment of profitable growth for that business. The initial integration of HTG and the necessary restructuring of the Company has been successfully completed, in particular at Luton and Peterborough where Avingtrans has realised anticipated cost savings. In addition, the costly elements of HTG historic borrowings were repaid on acquisition and renewed long term banking facilities have been secured with RBS. Therefore, the Board is pleased to report that the opportunities for the long term profitable growth of the enlarged Avingtrans group as presented by the acquisition are as expected.

Notice of Results

Avingtrans will publish results for the six months ended 30 November 2017 on Wednesday 28 February 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

Steve McQuillan, Chief Executive Officer of Avingtrans Plc, added: "

"We are pleased with how the Avingtrans business has performed in the period across both the Energy and Medical sectors.

Our focus has been integrating the Hayward Tyler businesses into Avingtrans' existing business and we are happy with how this phase of development has progressed. As we outlined in September, we continue to be excited by the market synergies and potential that Hayward Tyler group offers Avingtrans, both in terms of enhancing the existing business and adding additional scale to future opportunities."

Enquiries:

 
 Avingtrans plc 
  Steve McQuillan, CEO 
  Stephen King, CFO        0135 469 2391 
 N+1 Singer 
  Shaun Dobson 
  Lauren Kettle            020 7496 3000 
 Newgate Communications 
  (Financial PR) 
  Adam Lloyd 
  Ed Treadwell 
  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 
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 
Designs, manufactures and services oil and 
 gas extraction and processing equipment, 
 including process plant for dehydration, 
 sweetening, drying and compression. 
 
 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. 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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January 08, 2018 02:00 ET (07:00 GMT)