Flowtech Fluidpower PLC 2017 Q1 Trading Update (4524B)
04 April 2017 - 4:01PM
UK Regulatory
TIDMFLO
RNS Number : 4524B
Flowtech Fluidpower PLC
04 April 2017
Issued on behalf of Flowtech
Fluidpower PLC
Date: Tuesday, 4 April 2017
Immediate Release
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" or the "Group" or "Company")
Quarter 1 Trading Update
The Board of Flowtech Fluidpower plc issues the following
unaudited Trading Update covering the period from 1 January 2017 to
the date of this announcement. The financial reporting period
covers the first quarter to 31 March 2017.
Group revenue for the first quarter increased by approximately
31.8%. This performance was driven by positive momentum in all
business divisions, enhanced by the contribution from our new
subsidiaries.
Q1 2017 Q1 2016 Growth
---------------------- -------- -------- -------
Revenue GBP'000 GBP'000 %
---------------------- -------- -------- -------
Flowtechnology 10,079 9,082 11.0
---------------------- -------- -------- -------
Power Motion Control 6,279 4,069 54.3
---------------------- -------- -------- -------
Process 1,120 107 947.2
---------------------- -------- -------- -------
Group revenue 17,478 13,258 31.8
---------------------- -------- -------- -------
Net debt 5,500 13,290
---------------------- -------- -------- -------
Our Flowtechnology division increased revenues by 11.1%. This
has been driven by year on year organic growth in the base business
and by the acquisition of Indequip on 19 February 2016. Despite
significant increases in input price for product, gross margins
have been maintained due to our flexible pricing model.
Power Motion Control division also increased revenues by 54.3%.
Whilst this was substantially driven by the acquisition of HTL in
January 2017, which has made a very encouraging start under our
ownership, the remaining operations have also performed well in the
period.
Our first Process division acquisition was made on 18 March
2016, therefore Q1 revenue for 2016 represents only two weeks
trading. Performance in this division also remains very
encouraging.
Group gross margin achieved remains in line with market
expectations.
Sean Fennon, CEO
Flowtech Fluidpower plc
Note: The Group has today also released its Final statement of
results for the year ended 31 December 2016
http://www.rns-pdf.londonstockexchange.com/rns/4524B_1-2017-4-3.pdf
Enquiries:
Flowtech Fluidpower plc
Sean Fennon, Chief Executive
Officer
Bryce Brooks, Chief Financial
Officer
Tel: +44 (0) 1695 52796
AIM: symbol: FLO
email: info@flowtechfluidpower.com
website: www.flowtechfluidpower.com
Zeus Capital Limited (Nominated
Adviser and Broker)
Andrew Jones, Jonathan Sharp
(corporate finance)
Dominic King, John Goold (sales
& broking)
Tel: +44 (0) 203 829 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' NOTE
Flowtech Fluidpower plc, founded as Flowtech in 1983,
is the UK's leading specialist supplier of technical
fluid power products. The Group has three divisions:
Flowtechnology, Power Motion Control and Process.
All three of the Group's divisions have overlapping
product sets, allowing procurement synergies to be
maximised.
The Flowtechnology division focuses on supplying
distributors and resellers of industrial MRO (maintenance,
repair and operation) products, primarily serving
urgent orders rather than bulk offerings. It is formed
from Flowtechnology UK, Flowtechnology Benelux and
Indequip. It offers an unrivalled range of Original
Equipment Manufacturer (OEM) and Exclusive Brand
products to over 3,400 distributors and resellers
and the catalogues are recognised as the definitive
source for fluid power products, containing 100,000
individual product lines and are distributed to more
than 80,000 industrial Maintenance, Repair and Overhaul
end users (MRO). The Power Motion Control division
specialises in the design, assembly and supply of
engineering components and hydraulic systems and
is further enhanced by a service and repair function.
The division is formed from Primary Fluid Power,
Nelson Hydraulics, TSL Fluidpower and HTL. The Process
division focuses on the supply of industrial components
to the process sectors.
The Group's main distribution centre is in Skelmersdale,
Lancashire with further distribution centres in the
Netherlands and China. The Power Motion Control division
(PMC) has operations in Merseyside, Northern Ireland,
the Republic of Ireland, Shropshire and Yorkshire;
Process operates from the West Midlands. In total
the business employs 319 people.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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