Avingtrans (LON:AVG) posted its H1 results today and i've gathered together a view highlights, hopefully this is one Paul Scott will run his eyes over.
H1 Revenues up 90%
Order book at record levels
EPS 10.5p vs 1.5p
Div up 28%
interms of its divisions
Aerospace up 110%
Energy and medical up 62%
Crown china at close to breakeven, currently held back by slower uptake of capacity by seimens
prospect bank exceeds £100M
looking good and up 8% this morning,
Well apologises if i have mislead any body, clearly the results are not as good as i had thought.
Based on posts on ADVFN i get the impression that the figures are being flattered by something refered to in the accounts as "Bargain purchase on acquisation", This is related to the 100% purchase of the share capital of Extrerran(uk) ltd (now renamed "Maloney Metal Craft")
I'd be greatful if somebody could explain what a "Bargain purchase on acquisation" the accout notes on the acquisistion state.
Provisional Net Assets 3,275,00
Bargain purchase on acquisition (2,916,00)
Total consideration paid 359,000
Settled by:
Cash -
Retention bonuses accounted for
as consideration 359,000
359,000
Cash acquired in Net Assets (2,398,000)
Net cash received relating to the
acquisition (2,039,000)
For the record, i still think this company has a great future, but a little further away than i had thought.
David
