We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.10 | -0.10% | 97.50 | 96.00 | 99.00 | 93,061 | 16:35:26 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Fluid Powr Cylindrs,actuatrs | 114.77M | -6.25M | -0.1017 | -9.60 | 60.02M |
TIDMFLO
RNS Number : 3049F
Flowtech Fluidpower PLC
12 July 2019
NEWS RELEASE Issued on behalf of Flowtech Fluidpower plc Immediate Release
FLOWTECH FLUIDPOWER PLC
("Flowtech Fluidpower", the "Group" or "Company")
Group Trading Update
and
Notice of Half-year Results
"Flowtech Fluidpower has achieved further organic growth of 2.9% and reduced net debt by GBP1.1m in H1 2019. The Group expects to achieve another year of solid progress; results are in line with market expectations"
London: Friday, 12 July 2019: AIM listed specialist technical fluid power products supplier Flowtech Fluidpower plc (LSE: symbol FLO), announces the following unaudited trading update on its performance for the six-month financial reporting period ended 30 June 2019:
GROUP Trading Update AND FINANCIALS
Hot Features
Premium
HY1 2019 HY1 2018 FY 2018 Growth
Unaudited Unaudited Audited H1 2019
GBP'm GBP'm GBP'm v H1 2018
----------- ----------- ----------
Divisional revenue:
Components 50.0 46.9 6.5%
Services 9.6 9.5 1.4%
Total Group revenue for
the period 59.6 56.4 111.1 5.7%
----------- ----------- ----------
Net debt 18.8 18.0 19.9
------------------------- ----------- ----------- ---------- -----------
Group revenue during the first six months of the current year increased by 5.7%. On a like-for-like trading days' basis organic growth was 2.9%, the balance resulting from 2018 acquisitions. Quarter 2 saw a reduction in organic revenue growth, relative to Quarter 1, reflecting the wider economic conditions.
Net debt at 30 June 2019 was GBP18.8m. This represents a GBP1.1m reduction from the position as at 31 December 2018 and compares favourably with a net debt increase of GBP3.0m for the comparative period in 2018. The GBP1.1m reduction in debt is after making contingent consideration payments of GBP1.6m relating to prior year acquisition activity.
Our continuing focus on working capital management should lead to further debt reduction by the end of 2019.
SUMMARY
Overall, our trading in the first half is in line with full year market expectations and we continue to expect to deliver another year of solid progress despite less buoyant market conditions. The Directors remain confident about the future for the Group and look forward to updating shareholders on its cost reduction and working capital initiatives at the time of the Half-year results.
NOTICE OF RESULTS
The Group is planning to release its Half-year results on Tuesday, 24 September 2019. The announcement will be available to view and download from the Company's website www.flowtechfluidpower.com. Further information can be obtained from TooleyStreet Communications, details of which are shown below.
Enquiries: FLOWTECH FLUIDPOWER PLC Bryce Brooks, Chief Executive Russell Cash, Chief Financial Officer Tel: +44 (0) 1695 52796 Email: info@flowtechfluidpower.com To read more about the Group please visit www.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, Andrew Burdis (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
About Flowtech Fluidpower plc
Founded as Flowtech in 1983, the Flowtech Fluidpower Group is the UK's
leading specialist supplier of technical fluid power products.
The business joined AiM in 2014. Today, the Group has two distinct divisions:
Division: What we do: Locations:
----------- ---------------------------------------------- ----------------------------------
Components Supply of hydraulic and pneumatic Flowtechnology Benelux (Deventer)
consumables, predominantly through Flowtechnology China (Guangzhou)
distribution for urgent maintenance Flowtechnology UK (Skelmersdale)
and repair operations across all industry Indequip (Skelmersdale)
sectors. Additionally, support a broad Beaumanor (Leicester)
range of OEMs supplying off-the-shelf Hydravalve (Willenhall)
and tailored components and assemblies. Primary Fluid Power Components
(Knowsley)
Albroco (Knowsley)
Nelson Hydraulics (Dublin,
Lisburn, Dungannon, UK)
HTL (Ludlow)
Hi-Power Hydraulics (Cork,
Dublin, Belfast Manchester)
Hydroflex (Brussels, Rotterdam
and OudBeijerland)
Hydraulic Equipment Supermarkets
(Gloucester, Leeds, Birmingham,
Durham)
Derek Lane & Co (Newton Abbot,
Devon)
HES Tractec (Gloucester)
----------- ---------------------------------------------- ----------------------------------
Services Bespoke design, manufacturing, commissioning, Primary Fluid Power Systems
installation and servicing of systems (Knowsley)
to manufacturers of specialised industrial TSL Fluid Power (West Yorkshire)
and mobile hydraulic original equipment Branch Hydraulic Systems
manufacturers (OEMs) and additionally and HES Automatec (Gloucester)
a wide range of industrial end users. HES Lubemec (Gloucester)
HES Onsite (Durham, Leeds,
Birmingham, Gloucester)
Flow Connect (Gloucester)
Orange County (Spennymoor)
----------- ---------------------------------------------- ----------------------------------
Both Group's divisions have overlapping product sets, allowing procurement
synergies to be maximised.
The above divisions are supported by a centralised back office team based
at the Skelmersdale, Lancashire, and Wilmslow, Cheshire sites in the UK
and a procurement and quality control team in Shanghai, China. In total,
the business employs over 550 people. For more information please visit,
www.flowtechfluidpower.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
TSTEAXXFFDLNEFF
(END) Dow Jones Newswires
July 12, 2019 02:00 ET (06:00 GMT)
1 Year Flowtech Fluidpower Chart |
1 Month Flowtech Fluidpower Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
