Avingtrans PLC Trading Update and Notice of Results (5392E)
08 July 2021 - 4:00PM
UK Regulatory
TIDMAVG
RNS Number : 5392E
Avingtrans PLC
08 July 2021
8 July 2021
Avingtrans plc
("Avingtrans", the "Company", or the "Group")
Trading Update 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, is pleased
to announce a trading update in respect of the financial year ended
31 May 2021.
The Board is pleased to report that the results for the year
ended 31 May 2021 are expected to be at least in line with market
expectations, revised upwards following the announcement of the
Company's interim results in February 2021.
The Group's year end net cash position was strong, standing at
in excess of GBP23 million compared to net debt of GBP7.4 million
as at 31 May 2020. Cash balances benefited from the successful sale
of Peter Brotherhood Limited in March 2021, which resulted in net
proceeds to the Company of GBP30.6 million. The Group's current
orderbook and prospect pipeline remains robust.
As outlined in the Company's interim results, the Board is
pleased to confirm the reinstatement of the Company's progressive
dividend policy, following the dividend suspension last year due to
Covid-19. A dividend will be recommended for the year ended 31 May
2021, which will also include an amount to reflect the non-payment
of an interim dividend. The Company intends to reinstate more usual
dividend payments in the current financial year, with an interim
and full year dividend split, subject to maintaining appropriate
financial headroom and flexibility in light of any future
acquisition opportunities.
Notice of Results
Avingtrans will publish its results for the twelve months ended
31 May 2021 on 29 September 2021.
The management team will be hosting a presentation for analysts
on the day of results - for more information please contact Zach
Cohen at IFC Advisory on zach.cohen@investor-focus.co.uk .
Steve McQuillan, CEO of Avingtrans, commented : "We are
delighted with the strong performance of the Group which will
report results for the year ended 31 May 2021 in line with the
previously upgraded market forecasts. Net cash in the business
remains healthy which was strengthened following the successful
sale of the Peter Brotherhood business in March.
"The Group is in a very good position to execute its PIE
(pinpoint-invest-exit) strategy and its pipeline of opportunities
is strong. The Board remains confident on the outlook for the Group
which is reflected in the reinstatement of the full year
dividend."
Enquiries:
Avingtrans plc 01354 692391
Roger McDowell, Chairman
Steve McQuillan, Chief Executive Officer
Stephen King, Chief Financial Officer
Singer Capital Markets (Nominated Adviser) 020 7496 3000
Shaun Dobson/Alex Bond (Corporate Finance)
Rachel Hayes (Corporate Broking)
IFC Advisory Ltd
Graham Herring
Tim Metcalfe
Zach Cohen 020 3934 6630
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
Provider of custom fabrications for the nuclear industry, specialising
in: OEM parts obsolescence; custom fabrications; engineering
design solutions; product refurbishment; on-site technical
support.
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, manufacturers 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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