TIDMAVG
RNS Number : 3228S
Avingtrans PLC
25 June 2018
25 June 2018
Avingtrans Plc
("Avingtrans" or the "Company" or the "Group")
Notice of Full Year Results, Contract Win and Trading Update
Avingtrans (AIM: AVG), which designs, manufactures and supplies
critical components, modules and associated services to the energy
and medical sectors provides an update in respect of its financial
year ended 31 May 2018.
The Group maintained the positive performance of the first half
in the second half of the financial year and is pleased to report
that full year results will be in-line with market forecasts.
Trading remains strong. The Group maintains a robust order book
and order cover, including run rate business, as at 31(st) May is
at 72% of revenue expectation for FY2019.
Net debt is marginally higher than previously anticipated, due
to the investment of additional working capital following the
acquisition of certain assets of Ormandy Group Limited, as reported
in the Group's interim results.
Following the successful integrations of Hayward Tyler Group and
Ormandy, the Company is pleased to report an improved margin mix
and, as such, expects its profit in FY2019 to exceed previous
expectations.
Contract Win
The Company is pleased to announce that it has been awarded a
contract with a UK Government agency, worth circa GBP5m. The
project is scheduled for completion during FY2020, split evenly
over the next two years.
The UK Government agency, which is a new customer for Peter
Brotherhood, has signalled that access to our large scale,
world-class facility will give Avingtrans the opportunity to tender
for further business.
The contract's implementation will utilise a combination of
resources from both Peter Brotherhood and Metalcraft. The Board
views this win as further justification for acquiring Hayward Tyler
Group and demonstrates its successful integration.
Commentating on the contract win, Austen Adams, Managing
Director of the Process Solutions division, said:
"We are delighted to secure a new and significant contract for
Peter Brotherhood which, following the Hayward Tyler acquisition,
is an important part of the Avingtrans group and gives the group
significant opportunities to tender for new business in new
markets."
Commentating on the contract and the trading update, Steve
McQuillan, CEO, said:
"This is an excellent contract win for Austen and his team and
it demonstrates the leverage that the group can exercise, by
coordinating the efforts of the teams in different business units
with complimentary capabilities. The Hayward Tyler and Ormandy
integrations are going well and we look forward to updating
shareholders at the time of the results in October."
Notice of Results
Avingtrans will publish results for the twelve months ended 31
May 2018 on 3 October 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.
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
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
and
Whiteley Read Ltd - Rotherham, UK
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 and
Ormandy Rycroft Engineering Ltd - Bradford UK
Maloney designs, manufactures and services oil and gas
extraction and processing equipment, including process
plant for dehydration, sweetening, drying and compression.
Ormandy offers products and solutions for the Building
Services, Mechanical and Engineering and Off-shore industries,
including packaged plant room assemblies, packaged energy
centres, offsite solutions and offsite plant facilities.
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.
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END
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