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FLO Flowtech Fluidpower Plc

82.00
0.80 (0.99%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Flowtech Fluidpower Plc LSE:FLO London Ordinary Share GB00BM4NR742 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.80 0.99% 82.00 82.00 84.00 81.60 81.60 81.60 94,709 16:35:18
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Fluid Powr Cylindrs,actuatrs 114.77M -6.25M -0.1017 -8.02 50.18M

Flowtech Fluidpower PLC Q1 2018 Quarter Results (0979L)

17/04/2018 7:01am

UK Regulatory


Flowtech Fluidpower (LSE:FLO)
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TIDMFLO

RNS Number : 0979L

Flowtech Fluidpower PLC

17 April 2018

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", the "Group" or "Company")

Q1 2018 Trading Update

London: Tuesday 17 April 2018: AIM listed specialist technical fluid power products supplier Flowtech Fluidpower plc (LSE: symbol FLO), is pleased to announce the following unaudited update on its performance for the three months ended 31 March 2018 and to the period up to this announcement:

GROUP Trading Update AND FINANCIALS

Group revenue during the first three months of the current year increased by 49.7%, of which 6.3% was organic, with the balance representing acquisitive growth from the six deals completed in the past twelve months. We continue to have positive momentum across all divisions. Our Flowtechnology operation in the UK went through its annual catalogue launch and general sales price increase on 1 April, which will provide further uplift in Q2, and with order books for our more "project based" profit centres remaining ahead of the same point last year, the short-term outlook is encouraging.

 
 Revenue for Q1 2018 
-------------------------------------------------------- 
 Divisions:                Q1 2018      Q1 2017   Growth 
                         Unaudited    Unaudited 
                              GBPm         GBPm 
---------------------  -----------  -----------  ------- 
 Flowtechnology               10.7         10.1     5.9% 
 Power Motion 
  Control (PMC)               13.9          6.3   120.6% 
 Process                       1.9          1.1    72.7% 
---------------------  -----------  -----------  ------- 
 Total Group revenue 
  for the period              26.5         17.5    51.4% 
---------------------  -----------  -----------  ------- 
 Net debt                     18.4          5.5 
---------------------  -----------  -----------  ------- 
 

Group gross margin % achieved again remains in line with market expectations.

Net debt at c.GBP18.4 million is in line with management expectations and reflects payments for the initial consideration on the acquisition of Balu in March, further payments for the contingent consideration of Hi-Power and Orange County, as well as the receipt of the initial 50% tranche from our recent equity placing. Following the General Meeting on 3 April 2018, the Group received a further c.GBP5.2 million (after costs) under this placing, and therefore at the date of reporting the Group now sits with comfortable headroom within its GBP20 million banking facility .

ACQUISITIONS

On 19 March 2018 the Group successfully completed the acquisition of Balu Ltd, and its two trading businesses Beaumanor Engineering and Derek Lane & Co. for a total consideration of approximately GBP10.2 million. The unaudited financial statements of Balu for the year to 31 January 2018 showed revenue of GBP11.4 million and proforma EBIT of GBP1.4 million. Unaudited net assets excluding net debt at the same date were GBP5.9 million.

Beaumanor, founded in 1974 and based in Leicester, is an importer and distributor of fluid power equipment in the UK. It has a large customer base with no major customer concentration and sources products from a range of suppliers. The business was one of Flowtech's largest competitors in the "catalogue-based" market and has now become part of the Flowtechnology Division, with local management under the leadership of Profit Centre Director, Mark Cropper, reporting directly to Flowtech CEO, Sean Fennon.

Derek Lane, founded in 1979 and based in Newton Abbot, Devon, is a supplier of fluid power products and engineered solutions, and its largest customer supports Ministry of Defence naval contracts in the Devon area. Derek Lane has become part of the PMC Division and local management under the leadership of Profit Centre Director, Mark Venn, will report directly to Nick Fossey, Managing Director UK & Ireland.

This acquisition provides a further complementary business to the Group, creating a co-ordinated approach to three major catalogue brands in the UK market place. It has widened our target customer base using separate trading "styles" from the same platform and will now look to replicate the wider Flowtechnology model to deliver cost and service synergies. It also creates a second logistics centre in Leicester to deliver stock optimisation and supply chain improvements across the Group, as well as establishing a substantial site in the important Midlands region of the UK that operationally de-risks the main Skelmersdale site.

The Board is pleased to report that in the four weeks since the acquisition was announced, the reaction from staff, customers and suppliers has been positive, initial integration work on procurement and IT integration is proceeding as expected, and the scope for further sales enhancement due to cross selling opportunities is encouraging.

outlook

The Board's view on the Outlook for 2018 and the broader strategy to be pursued by the Group is outlined in the Operational Review released today as part of the final statement of results for the year ended 31 December 2017, which can be viewed by following the link - http://www.rns-pdf.londonstockexchange.com/rns/0979L_1-2018-4-16.pdf

 
 Enquiries: 
  Flowtech Fluidpower plc 
  Malcolm Diamond MBE, Chairman 
  Sean Fennon, Chief Executive 
  Bryce Brooks, Chief Financial Officer 
  Tel: +44 (0) 1695 52796 
  Email: info@flowtechfluidpower.com 
 Zeus Capital Limited (Nominated Adviser and Joint 
  Broker) 
  Andrew Jones, Alistair Donnelly (corporate finance) 
  Dominic King, John Goold (sales & broking) 
  Tel: +44 (0) 20 3829 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 NOTES 
------------------------------------------------------------------------------ 
 About Flowtech Fluidpower plc 
------------------------------------------------------------------------------ 
 Founded as Flowtech in 1983, the Flowtech Group is 
  the UK's leading specialist supplier of technical 
  fluid power products. The business joined AiM in 
  2014. Today, the Group has four distinct divisions: 
 Division:         What we do:                     Locations: 
----------------  ------------------------------  ---------------------------- 
 Flowtechnology    Focus on supplying              Flowtechnology 
                    distributors and resellers      Benelux (Deventer) 
                    of industrial MRO products,     Flowtechnology 
                    primarily serving urgent        China (Guangzhou) 
                    orders rather than              Flowtechnology 
                    bulk offerings. It              UK (Skelmersdale) 
                    offers an unrivalled            Indequip (Skelmersdale) 
                    range of OEM and Exclusive      Beaumanor (Leicester) 
                    Brand products to over 
                    3,400 distributors 
                    and resellers. The 
                    division has created 
                    a definitive co-ordinated 
                    approach to three major 
                    catalogue brands in 
                    the UK market place, 
                    providing the definitive 
                    source for fluid power 
                    products, containing 
                    over 100,000 individual 
                    product lines and are 
                    distributed to more 
                    than 80,000 industrial 
                    MRO end users. 
----------------  ------------------------------  ---------------------------- 
 Power Motion      Specialise in the design,       Primary Fluid Power 
  Control (PMC)     assembly and supply             (Knowsley) 
                    of engineering components       Nelson Fluid Power 
                    and hydraulic systems           (Dublin, Dungannon, 
                    and is further enhanced         Lisburn,) 
                    by a service and repair         TripleSix (West 
                    function.                       Yorkshire) 
                                                    Albroco (Knowsley) 
                                                    Hydraulics & Transmissions 
                                                    (Ludlow) 
                                                    HiPower Hydraulics 
                                                    (Belfast, Cork, 
                                                    Dublin, Manchester) 
                                                    Hydroflex (Brussels, 
                                                    OudBeijerland, 
                                                    Rotterdam) 
                                                    Hydraulic Equipment 
                                                    Supermarkets (Birmingham, 
                                                    Durham, Gloucester, 
                                                    Leeds) 
                                                    Branch Hydraulics 
                                                    (Gloucester) 
                                                    Derek Lane (Newton 
                                                    Abbot) 
----------------  ------------------------------  ---------------------------- 
 Process           Focus on the supply             Hydravalve (Willenhall) 
                    of industrial components        Orange County (Spennymoor) 
                    and solutions to the 
                    process sectors. 
----------------  ------------------------------  ---------------------------- 
 Onsite Services   In 2018, the Group              HES Onsite (Birmingham, 
                    will extend its service         Durham, Leeds, 
                    offering to include             Gloucester) 
                    Onsite Technical Maintenance 
                    through highly skilled 
                    engineers. 
----------------  ------------------------------  ---------------------------- 
 All four of the Group's divisions have overlapping 
  product sets, allowing procurement synergies to be 
  maximised. 
 The above divisions are supported by a centralised 
  back office team at the Skelmersdale operation, shared 
  logistics centres in Skelmersdale and Leicester and, 
  a procurement and quality control team in Shanghai. 
  In total, the business employs over 550 people. 
 
  For more information please visit, www.flowtechfluidpower.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

TSTFKADPCBKDQQD

(END) Dow Jones Newswires

April 17, 2018 02:01 ET (06:01 GMT)

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