TIDMAVG
RNS Number : 0459A
Avingtrans PLC
18 January 2024
18 January 2024
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, announces
that trading in the first six months of the financial year to 30
November 2023 is in line with the Board's expectations.
Advanced Engineering Systems Division (AES)
Furthermore, the Board is pleased to officially introduce the
newly formed Advanced Engineering Systems (AES) division. The AES
division has been established as an amalgamation of the Engineered
Pumps and Motors (EPM) Division and the Process Solutions and
Rotating Equipment (PSRE) division. Encouragingly, order intake in
the newly formed division continues to be robust.
Austen Adams, formerly the managing director of the PRSE
division, will assume leadership of this newly integrated division.
The Board would like to extend its sincere best wishes and
gratitude to Mike Turmelle, the former head of the EPM division,
who has stepped down from his role and left the Company. His
contributions during his tenure at Avingtrans are highly
appreciated.
The consolidation of these divisions is driven by two primary
objectives. Firstly, it aligns with the Group's
Pinpoint-Invest-Exit ("PIE") model by facilitating strategic exits
for the business units within the division. Secondly, it aims to
present a clearer distinction of the mature engineering businesses
and their overall contribution to the Group's results.
This division contrasts significantly with the investment
requirements of the earlier stage Medical and Industrial Imaging
division (MII), where progress in the period by Adaptix and
Magnetica remains largely on track in terms of product and market
development.
Notice of Results
Avingtrans will publish its results for the six months ended 30
November 2023 on 28 February 2024, at which time it will provide a
further performance update.
Steve McQuillan, CEO of Avingtrans, commented :
"I am pleased to announce that the Group's trading performance
for the first half of the year is in line with the Board's
expectations and, we are comfortable in achieving market
expectations for FY24. Additionally, we are pleased to announce the
formation of the new Advanced Engineering Systems (AES) division by
combining the mature engineering businesses and identifying their
contribution to the Group, which contrast to the investment
requirements of the nascent Medical and Industrial Imaging
division. We will comment further on this in our half year results
in February."
Enquiries:
Avingtrans plc 01354 692 391
Roger McDowell, Chairman
Steve McQuillan, Chief Executive Officer
Stephen King, Chief Financial Officer
Singer Capital Markets (Nominated Adviser
and Broker) 020 7496 3000
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 & Nottingham, UK, 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
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 and 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.
Adaptix Ltd - Oxford, UK
Adaptix has developed novel 3D X-ray for Orthopaedic and Veterinary
applications amongst others. Commercialisation of this system
(and others) is on-going.
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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