Avingtrans PLC Trading Update, Acquisitions and Notice of Results (7305M)

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RNS Number : 7305M

Avingtrans PLC

16 January 2023

16 January 2023

Avingtrans Plc

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

Trading Update, Acquisitions 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 6 months of the financial year to 30 November 2022 was in line with market expectations.

Notice of Results

Avingtrans will publish its results for the 6 months ended 30 November 2022 on 22 February 2023, at which time it will provide a further performance update.

Acquisitions

In addition, the Board is delighted to announce that Avingtrans' business unit, Ormandy Group, which designs, manufactures and services off-site plant, heat exchangers and other HVAC (heating, ventilation and air conditioning) products, has acquired the business and assets of Hevac Limited ("Hevac"), a heating ventilation and air conditioning solutions provider based in Elland, Yorkshire and the business and assets of HeatExchangeSpares.com ("HES") a plates and gaskets supplier, based in Watford (together the "Acquisitions"). The total consideration for the Acquisitions is expected to be GBP825k which will be funded from the Group's existing cash resources. In the latest reported financial year, ended December 2021, the combined businesses and assets generated GBP5.3m of sales and a loss before tax of GBP0.3m. Gross assets acquired total GBP750k.

The Acquisitions will complement Ormandy Group's operations and expand its product range. Both Hevac and HES are established names in the HVAC industry with strong reputations for supplying quality systems and spares for commercial and public buildings around the world.

Steve McQuillan, CEO of Avingtrans, commented :

"Despite the continuing difficult operating environment, I am pleased to report that Group trading is in line with management expectations for the half year. I am also delighted that Austen Adams and his team in the PSRE division have completed the acquisitions of Hevac and HES. These businesses strengthen Ormandy's offering as a leading provider of offsite and heat exchange solutions to commercial and industrial customers in the UK and internationally. The Acquisitions will also enable us to take greater control over our supply chain and release untapped potential in the market, to further strengthen our position."

Enquiries:

 
 Avingtrans plc                               01354 692391 
 Roger McDowell, Chairman 
  Steve McQuillan, Chief Executive Officer 
  Stephen King, Chief Financial Officer 
 Singer Capital Markets (Nominated Adviser 
  and Broker)                                 02074 963000 
 Shaun Dobson 
  Alex Bond 
  Oliver Platts 
 
   IFC Advisory (Financial PR)                  020 3934 6630 
 Graham Herring 
  Tim Metcalfe 
  Zach Cohen 
 

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, UK and 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 
 Energy Steel, part of the Engineered Pumps and Motors Division of 
 Avingtrans plc, has been serving the nuclear power industry since 
 1982 with capabilities in equipment fabrication, material supply, 
 precision machining, engineering, and repair services. Through strategic 
 OEM partnerships, it also provides solutions for obsolete nuclear 
 components and support for the most complex projects. 
 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. 
 Booth Industries - Bolton, UK 
 Designs, manufactures, installs and services doors and walls which 
 can be tailored to be: blast &explosion proof; fireproof; acoustically 
 shielded; high security/safety; or combinations of the above 
 Ormandy Group, Bradford, UK 
 Design, manufactures 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. 
 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. 
 

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