REG - Avingtrans PLC - Interim Results
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RNS Number : 2278U Avingtrans PLC 25 February 2026
25 February 2026
Avingtrans plc
("Avingtrans", the "Company", or the "Group")
Interim results for the six months ended 30 November 2025
Avingtrans PLC (AIM: AVG), the international engineering group which designs,
manufactures and supplies original equipment, systems and associated
aftermarket services to the energy, medical and industrial sectors, today
announces its interim results for the six months ended 30 November 2025.
Financial Highlights
· Group Revenue was flat at £78.1m (2025 H1: £79.0m), in line with management
expectations
· Gross Margin increased to 31.7% (2025 H1: 30.0%), as a result of improved AM
mix in the AES division
· Adj.*EBITDA increased by 10.4% to £9.6m, mainly driven by reduced losses in
the Medical and Industrial Imaging division (2025 H1: £8.7m) also in line
with management expectations
· Adj.*EBITDA margin increased to 12.3% (2025 H1: 11.0%), due to favourable AM
mix
· Adj. Profit before tax increased by 27.1% to £5.7m (2025 H1: £4.5m)
· Adj. Diluted Earnings Per Share from continuing operations increased to 14.6p
(2025 H1: 12.0p)
· Cash inflow from operating activities was stronger at £7.6m (2025 H1:
£4.9m)
· Net debt (excluding IFRS16 debt) at 30 November 2025 was unchanged at £12.3m,
(31 May 2025: £12.3m), despite the on-going investment in Medical Imaging and
increasing investment in new nuclear technology
· Interim Dividend of 2.0 pence per share (2025 H1: 1.9 pence)
*Adjusted to add back amortisation of intangibles from business combinations,
acquisition costs and exceptional items and discontinued operations.
Operational Highlights
Advanced Engineering Systems ("AES") Division
· Austen Adams appointed as Chief Operating Officer (COO) of the Avingtrans
Group
· First half revenue was £75.2m (2025 H1: £76.8m), reflecting a more usual
anticipated H2 weighting in FY26
· EBITDA was flat at £11.0m (2025 H1: £11.0m)
· Another strong performance by Hayward Tyler, driven by rapid global growth in
data centre infrastructure and electrification of transport, leading to
increased energy demand - especially new nuclear power
· Notably, HT Inc won $16.0m of new nuclear contracts with KHNP of South Korea
· Ormandy also had a strong first half, as a beneficiary of growth in AI and
data centre infrastructure
· Metalcraft continues to ramp-up 3M3 box production for Sellafield
· Booth won additional contracts with HS2 and TfL worth £8.5m. Production
ramp-up progressing
· Recovery at Slack and Parr continues, although impacted by US tariffs in the
period
· Aftermarket momentum continues to build across the division
Medical and Industrial Imaging ("MII") Division
· Stuart Gall appointed as Divisional CEO of MII and formally joined the
business in January 2026
· Revenue increased by 33.0% to £2.9m (2025 H1: £2.2m), as product roll-out
continues to build up
· LBITDA loss reduced to £0.8m, as commercial ramp-up activities continue (2025
H1: £1.7m loss)
· Adaptix received 510(k) approval from the US FDA, allowing orthopaedic system
sales to commence
· Adaptix continued to appoint distributors in the UK, Europe and the USA,
across its addressable markets
· Magnetica now expects to submit 510(k) approval during the second half of
calendar 2026
· In the period, Magnetica completed the design of a new product concept for
ViewRay® Inc.
· SciMag seeing increased orders for magnet and cryogenic systems used in
quantum computing
Current Trading & Outlook
· Order book in AES secured to achieve 95%+ of the FY26 market expectations,
providing strong visibility and confidence in meeting targets
· Increased global energy demand, being notably driven by AI and datacentre
requirements, is providing a target rich environment for HT and several other
Group businesses
· MII is entering a key period with sales in Adaptix ramping up following 510(k)
approval, with regulatory approval to follow in Magnetica in the second half
of calendar 2026
· The Board is confident about achieving market expectations for FY26
Commenting on the results, Roger McDowell, Chairman, said:
"A strong first half performance from the Advanced Engineering Systems (AES)
division has primed the Group to achieve full year expectations, with Medical
and Industrial Imaging sales also building momentum. Prospects for AES are
exciting, driven by global energy demand - especially in next generation
nuclear power, which is in turn driven by the underlying rapid global growth
in AI and data centre infrastructure and electric vehicles. In the period, we
were delighted to have Austen Adams formally join the Board as Chief Operating
Officer (COO).
"We continue to invest in AES and in the MII division. We remain well
structured for future exits, intended to maximise shareholder value. The
commercialisation of the 3D X-ray systems at Adaptix, for applications in
orthopaedic, veterinary, and non-destructive testing markets, is now able to
build, with the 510(k) for the orthopaedic system finally granted and thus
allowing US sales to commence. We remain excited by the prospects for Adaptix
and Magnetica, despite the delays in the regulatory processes. With Stuart
Gall joining as MII CEO, the management team is now complete and has all the
necessary experience to build robust sales in the USA.
"Overall, our value creation objectives remain on course, supported by a
prudent approach to debt management, which the Board considers appropriate,
given on-going global uncertainties. However, the dynamic nature of our
markets means that Avingtrans remains committed to pursuing carefully selected
M&A opportunities, as well as carefully marshalling our more mature
businesses towards Exits, in line with our PIE strategy. We remain positive
about our prospects and the potential future opportunities across all of our
markets and excited to see both the potential and the accelerating pace of our
new nuclear and medical imaging prospects.
"We benefit from clear visibility over the revenue and profits of the second
half of FY26, thanks to an ongoing strong order intake and timely contract
revenue recognition. Therefore, the Board continues to be confident about the
Group expectations for the full year and views the mid to longer term future
very positively."
Enquiries:
Avingtrans plc 0135 469 2391
Roger McDowell, Chairman
Steve McQuillan, Chief Executive Officer
Stephen King, Chief Financial Officer
Austen Adams Chief Operating Officer
Singer Capital Markets (Nominated Adviser and Broker) 020 7496 3000
Shaun Dobson / Alex Bond
IFC Advisory (Financial PR) 0203 934 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.
Avingtrans 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 and highly regulated markets.
Slack and Parr - Kegworth, UK
Focused on the design, manufacture and servicing of advanced precision gear
metering pumps, industrial dosing pumps and hydraulics flow divider solutions.
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 & explosion proof; fireproof; acoustically shielded;
high security/safety; or combinations of the above.
Ormandy Group - Bradford, UK
Designs, manufactures and services 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.
Adaptix Ltd - Oxford & Edinburgh, UK
Designs and manufactures novel 3D X-ray systems, with imaging from a
stationary source, at a significantly lower dose than CT. Markets include
orthopaedics, veterinary and non-destructive evaluation.
Chairman's Statement
I am pleased to report another robust first half performance by Avingtrans,
notwithstanding ongoing global instabilities. An improved year-on-year EBITDA
result is again proof that the strategic direction of the Group is sound. Flat
year on year revenues are the result of phasing of projects with our second
half expected to follow a more "normal" annual 45:55 split. The gross margin
increased year on year, with better AM mix in AES driving this improvement.
Despite the significant investments in Magnetica and Adaptix, our net debt
position remains well under control and unchanged over the last six months.
Order cover for the remainder of FY26 is pleasingly healthy and important new
orders were booked in recent months, including new orders worth £8.5m at
Booth for the HS2 high speed rail project and $16m of new nuclear orders for
HT with KHNP of South Korea.
Our proven Pinpoint-Invest-Exit ("PIE") strategy continues to bear fruit, with
Adaptix now making headway, to begin to unlock exciting prospects. Indeed, our
medical imaging strategy is making significant progress overall, setting aside
the frustrations of regulatory delays. At Adaptix, the 510(k) approval from
the USA FDA was granted in the period and further distribution partners are
being signed up in the UK, the USA and elsewhere, as the commercialisation
phase of our plans gathers pace. At Magnetica, we are also making steady
progress in finalising the design and build of our proprietary compact
helium-free MRI product for the orthopaedics imaging market, again allowing
for the vagaries of regulatory approval. Equally exciting prospects are
emerging in the next generation nuclear power market for Hayward Tyler, with
significant potential in the mid to longer term.
As ever, our divisional management teams have demonstrated resilience, agility
and strategic focus in navigating the shifting sands of global markets.
Progress in our aftermarket initiatives for AES remains strong, where we aim
to outperform competitors by securing a larger share of the total installed
base of service and support sales, both for our products and third-party
offerings. We remain focused on maximising the revenue opportunities arising
from aftermarket access, both from our own businesses and through appropriate
strategic partnerships.
The AES division delivered another solid first-half performance, with results
more closely aligned to a normal 45:55 revenue and EBITDA split between the
first and second halves of the year, compared with the prior period. Order
intake exceeded the prior year's first half and continued to surpass revenue
during the period, strengthening order book visibility for the second half of
FY26 and beyond. The ongoing and accelerating transition within the nuclear
market towards new nuclear technologies, driven principally by AI and data
centres, further reinforces AES's beneficial strategic market positioning.
Recent investments in specialised engineering solutions are beginning to
mature and are creating multiple opportunities for future growth.
Following a typically robust first half performance by the Group, the Board is
announcing an increase of c5% in the interim dividend to 2.0 pence per share,
again underlining our pledge to deliver long-term shareholder returns. As
usual, this decision is supported by our positive outlook on Group prospects -
especially in new nuclear and Medical Imaging - and supported by our prudent
fiscal position.
The Avingtrans Board members and I express our sincere thanks to all
Avingtrans employees for their resilience and agility during another
challenging but rewarding period. We approach the future with a positive
mindset and great enthusiasm for realising the tantalising prospects ahead.
Roger McDowell
Chairman
24 February 2026
Note 1: A 510(k) is a premarket submission made to the FDA in the USA, to
demonstrate that the device to be marketed is safe and effective.
Strategy and business review
Group Performance
Avingtrans has a proven Pinpoint-Invest-Exit (PIE) business model, which
drives improvements in design, original equipment manufacturing (OEM) and
associated aftermarket services, affording the Group a strong margin mix, both
in the near and longer term. The Group has progressively shifted to a
product-based strategy over time, away from simply being "build to print". Our
Advanced Engineering Systems division forms the bulk of Avingtrans'
operations. Effective longer-term development of the Group's nascent Medical
and Industrial Imaging division is also a core focus for management, to create
enhanced shareholder value.
Strategy
Avingtrans is an international precision engineering group, operating in
differentiated, specialist markets, within the supply chains of many of the
world's best known engineering original equipment manufacturers (OEMs), as
well as positioning itself as an OEM to end users. Our core strategy is to
build market-leading niche positions in our chosen market sectors - currently
focused on the Energy, Infrastructure and Medical sectors. Over the long term,
our acquisition strategy has enabled our businesses to develop the critical
mass necessary to achieve such leading positions in our markets.
Our strategy remains consistent with previous statements. The Group's enduring
objective is to continue the proven strategy of "buy and build" in regulated
engineering markets, where we see consolidation opportunities, potentially
leading to significantly increased shareholder returns over the medium to long
term. At the appropriate time, we will seek to crystallise these gains with
periodic sales of businesses at advantageous valuations and return the
proceeds to shareholders. We call this strategy PIE - "Pinpoint-Invest-Exit".
Previous transactions, such as the disposal of Peter Brotherhood in 2021, have
clearly demonstrated the success of this approach, producing substantial
increases in shareholder value. We have built strong brands and value from
smaller or underperforming constituent parts and we have demonstrated
well-developed deal-making skills and prudence in the acquisition of new
assets.
The Board continues to focus on improvements at Hayward Tyler, along with
driving the performance of Booth, Ormandy, Metalcraft and Slack and Parr. This
investment programme is progressing to plan. We are also focused on the
opportunity to transform the Medical and Industrial Imaging division's
performance, via novel MRI products at Magnetica, as well as state of the art
3D X-ray systems at Adaptix. The objective for the Group is to become a
leading supplier (in our targeted energy, infrastructure and medical markets)
of mission critical products and services, with a reputation for high quality
and delivery, on-time and on-budget. The Group has established production
facilities in its three key geographical regions (the Americas, Asia and
UK/Europe) with lower cost facilities in Asia (where appropriate) and product
development and realisation in the UK, the USA, China and Australia. The Group
will continue to invest in breakthrough and disruptive technologies in its
chosen markets.
Avingtrans' primary focus in Energy is the nuclear sector - harvesting
opportunities in decommissioning, life extension and next generation nuclear
markets. We are also engaged with a variety of niches in the renewable energy
sector. The management will also continue to build on our footprint in the
wider power and energy sectors.
In parallel, the focus of the Group's Medical Imaging division ("MII") is to
become a market leader in the production of compact, superconducting,
cryogen-free MRI systems, targeted at specific applications including
orthopaedic imaging and, later, veterinary imaging. Production of certain
existing products continues to support the division overall. This division now
consists of Magnetica in Australia (the majority stake was acquired in January
2021) which operates as one business unit with Scientific Magnetics, UK and
Tecmag in the USA. We have sought to further strengthen our medical imaging
strategy, via investment in Adaptix, in Oxford and Edinburgh, UK. Adaptix
specialises in 3D X-ray technology, with the main target markets being
orthopaedic and veterinary imaging, as well as products targeted at
Non-Destructive Testing - eg for aerospace applications.
Our businesses have the capability to engineer products in developed markets
and to produce those products partly, or wholly, in low-cost-countries, where
appropriate. This allows us and our customers to access lower-cost sourcing at
minimum risk, as well as positioning us neatly in the development of Asian
markets for our products. Hayward Tyler is well established in China and
India, providing integrated supply chain options for our blue-chip customers.
A central strategic theme for Avingtrans is to proactively nurture and grow
the proportion of our business stemming from aftermarket services. We are
targeting both our own installed base and the wider competitive installed
bases of such equipment, in areas where we can offer an advantage to our
end-user customers. This focus applies mainly to our AES division, with the
MII division having pivoted to novel medical imaging products and services.
Energy and Infrastructure - Advanced Engineering Systems ("AES")
Hayward Tyler For Hayward Tyler ("HT"), the continued expansion of aftermarket
capabilities and the significant opportunity presented by nuclear fleet life
extension in the United States have remained central to the Group's growth
strategy in recent years. Sustained investment in advanced engineering
solutions over the past two years, particularly to support emerging new
nuclear technologies, has positioned HT strongly to capitalise on the rapidly
evolving and burgeoning nuclear energy landscape. HT delivered another robust
first-half performance, underpinned by a healthy and growing order book, and
enters the second half with increasing confidence in the scale and durability
of future growth opportunities. This bodes well for eventual exit
opportunities for HT, in due course.
In the USA, HT Inc. in Vermont (USA) continued to see solid order intake in
the nuclear life extension market, securing a $16m contract with Korea Hydro
& Nuclear Power ("KHNP"). Progress has also been made in next-generation
nuclear research and development, with the $10m TerraPower design and
development contract advancing as planned. The medium- to long-term growth
potential associated with new nuclear technologies remains highly significant
and continues to develop at pace. The recent announcement by TerraPower about
an agreement with Meta to construct 8 new nuclear power stations was a
highlight, with Westinghouse and GE Hitachi also forging ahead.
Energy Steel ("ES") in Michigan (USA) delivered a significantly improved
performance compared with the prior year, reflecting its dominant position in
the supply of legacy components to the existing US nuclear fleet. ES is also
well positioned to participate in any new nuclear construction projects -
notably with Westinghouse.
Meanwhile, in the UK, at HT Luton, aftermarket activity remained the primary
focus, including the servicing of third-party equipment supporting nuclear
life extension programmes. Targeted investment in enhanced capabilities for
specialised large motors serving the oil and gas and defence sectors supported
the securing of repeatable new orders. The planned sale of the Luton site has
been paused indefinitely, as management priorities have evolved. Given the
potentially game changing transition to new nuclear technologies, the Group
recognises the prospective strategic value of this large-scale, modern
manufacturing and assembly facility.
The HT business in Scotland delivered a solid first-half performance,
maintaining a stable order book. The Transkem industrial mixers business also
contributed positively during the period.
HT Kunshan (China) continued to build a very resilient order book, supported
by growth in aftermarket activity. New orders were received from Chinese
electricity producers focused on reducing the environmental impact of power
generation, alongside increased demand, mainly driven by the continued
expansion of data centre infrastructure.
In India, the local team delivered another decent first-half performance,
demonstrating strong year-on-year growth. The prospects in India are growing,
as the Indian government is similarly grappling with future energy demand.
Metalcraft continued to progress Phase 2 of the Sellafield 3M3
("three-cubic-metre") box programme. The timing of the next follow-on 3M3 box
contract tender from Sellafield, expected to exceed £900m in value, remains
uncertain. The business is also well positioned in other nuclear
decommissioning projects and selected support of the construction programme
for the new Sizewell nuclear power station.
Ormandy delivered improved order intake year on year, generating a strong
forward order book for the second half. Following the successful supply of
cooling equipment to data centres in the UK and Europe, the business remains
optimistic about continued growth within this niche application.
Booth Industries achieved a solid first-half performance, exceeding the prior
year. Booth maintains a very strong order book, including the original £36m
contract for HS2 cross-tunnel doors. The pipeline for large-scale defence and
infrastructure projects expanded during the period, reflecting growing market
opportunities.
Slack and Parr experienced lower order intake in the first half, as a result
of some delays to customer projects, coupled with the impact of volatile
tariffs in the USA. However, new product launches during the period are
expected to support improved performance in the remainder of the year.
AES Markets
Global energy demand growth has continued to strengthen, underpinned by
sustained electrification, accelerating expansion of data centre
infrastructure - driven by artificial intelligence and cloud computing - as
well as ongoing growth in electric vehicle adoption. Energy security, grid
resilience and the lifecycle optimisation of existing assets remain key
strategic priorities across both developed and emerging markets. A more
uncertain geopolitical environment continues to drive increased investment in
defence and security.
End User / Aftermarket
Operators and end-users continue to seek responsive local support, asset life
extension and clearly defined upgrade pathways. In Western economies in
particular, ageing infrastructure, extended operating lives and skills
shortages are driving increased demand for long-term partnerships with trusted
engineering specialists.
These trends are evident across the energy, power and nuclear markets, where
operators are pushing to mitigate obsolescence risk, enhance reliability and
maintain regulatory compliance. The Avingtrans AES division remains well
positioned to capitalise on these dynamics through close collaboration with
end-users and a focus on complex, high-value aftermarket solutions, especially
in our own field base.
Nuclear
Worldwide government support for nuclear power has strengthened further,
driven by energy security considerations, decarbonisation commitments and the
escalating requirement for stable baseload generation. While large-scale
new-build opportunities exceeding 1GW remain largely concentrated in Asia at
present, investment momentum continues in fleet life extensions, uprates and
fuel cycle resilience across the USA and Europe.
Interest in Small Modular Reactors ("SMRs") and next-generation nuclear
technologies has accelerated, with multiple governments advancing funding
frameworks, making location decisions and approving early deployment
programmes. Ongoing constraints within the global nuclear supply chain and a
critical shortage of specialist expertise continue to reinforce the importance
of established, technically capable partners.
The USA remains the largest civil nuclear market globally, while the
prevalence of legacy Westinghouse technology across Europe and Asia continues
to support demand for Hayward Tyler's products and services. Obsolescence
management and long-term asset reliability remain critical operator
priorities, areas in which the AES division is optimally positioned to support
both existing and new customers.
The UK continues to hold a leading position in nuclear decommissioning,
supported by sustained government expenditure and an emphasis on innovative
engineering solutions. The Group's involvement in future waste container
manufacture for Sellafield and Nuclear Restoration Services underpins
expectations of continued long-term growth in both UK and international
decommissioning markets.
Power Generation
The structural shift towards electrification continues to drive investment
across the global power sector, with increasing emphasis on efficiency
improvements, emissions reduction and grid stability.
Coal Despite long-term decarbonisation objectives, coal-fired power stations
continue to operate in several regions, to support energy security, sustaining
robust aftermarket demand. Activity remains strongest in India, China,
Southeast Asia, Eastern Europe and the Middle East. Hayward Tyler's
diversification - eg into applications such as Selective Catalytic Reduction
systems - aligns with operator requirements to reduce emissions and extend
asset life.
Gas Natural gas continues to play a transitional role in power generation,
particularly through combined cycle gas turbine plants in Western markets.
While new-build activity remains selective, demand for reliability upgrades
and aftermarket support continues at a steady level. The Group maintains a
focused presence through established product offerings.
Hydrocarbons Global oil and gas demand has remained resilient, supported by
growth in non-OECD markets and ongoing geopolitical uncertainty. While the UK
continues to reduce domestic production, investment activity remains robust in
other regions, particularly the Middle East, North America and parts of Asia.
Capital expenditure remains focused on brownfield developments, efficiency
improvements and aftermarket support rather than large-scale greenfield
projects. This environment continues to support steady demand for specialist
equipment and aftermarket services.
Renewables Investment in renewable generation and associated infrastructure
continues to expand. While the Group currently serves selected segments of
this market, opportunities remain to leverage existing engineering
capabilities into adjacent applications. Technologies such as molten salt
pumps for concentrated solar power represent potential longer-term development
opportunities.
Defence expenditure continues to increase across the UK, Europe and allied
markets, driven by geopolitical uncertainty and a renewed focus on more secure
sovereign capability, resilience and long-term platform support. This is
expected to sustain demand for specialist engineering solutions and
aftermarket services.
Infrastructure and Security
Infrastructure investment remains focused on critical national assets,
including energy, transport and utilities. While project timing remains
sensitive to fiscal and regulatory conditions, long-term requirements for
asset maintenance, upgrade and resilience continue to underpin demand for
high-integrity engineering solutions.
Artificial Intelligence and Data Centres
Investment continues in the provision of equipment and facilities required to
support the rapid growth in computing power associated with artificial
intelligence and associated data storage. Increased demand for advanced
cooling solutions in data centres and quantum computing environments is
creating new opportunities, which are well aligned with the Group's
engineering capabilities.
Advanced Imaging - Medical and Industrial Imaging ("MII")
The MII division, which includes the overlapping and convergent businesses of
Scientific Magnetics (deep tech superconducting magnets), TecMag
(spectrometers), Magnetica (compact MRI systems), and Adaptix (3D X-ray
systems), continued to make good progress during the period, despite delays in
regulatory approvals.
The division is mainly focused on bringing disruptive, compact, point-of-care
X-ray and MRI related imaging technology to the $4.7bn (Global Market
Insights) orthopaedic imaging market. However, the group's deep-tech product
line is also relevant to the fast-growing quantum computing related
superconducting magnet market - and the aerospace and defence related
non-destructive testing (NDT) X-ray market. As such, we have continued to
invest £4.2m in the division (six months to 2025: £4.9m) as we now move to
the commercial adoption phase of Adaptix's 3D X-ray technology and complete
regulatory clearance of Magnetica's compact helium-free MRI system.
Despite the division still being largely R&D focused in the period,
combined revenue was up 33.0% to £2.9m (six months to 2025: £2.2m).
Highlights for the period include:
Scientific Magnetics (SciMag) SciMag, a world leader in cryogen-free
superconducting magnets, had an excellent trading period with significant
contracts being progressed in the quantum computing magnet market that are
expected to contribute material revenue over the coming years. Work continued
on the new ViewRay® concept product to be integrated into their MRI-guided
radiation therapy systems, to image and treat cancer patients
simultaneously. Interest from Fusion start-up companies is also gaining
momentum, as they seek to leverage SciMag's magnet fabrication technology, as
an enabler to plasma containment, which is essential for a working fusion
reactor.
We remain excited about the potential for SciMag over the coming years, as it
continues to develop as an important technology developer for the future
quantum computing and fusion magnet markets.
TecMag Based in Houston Texas, Tecmag creates advanced, modular spectrometer
products for nuclear magnetic resonance spectroscopy. Sales in the period were
impacted by tariff volatility and reduced government spending in the US, but
are expected to recover gradually in FY27.
With the US markets remaining in a hard to forecast tariff position for non-US
based companies, the large, modern TecMag manufacturing, warehouse and office
space offers future potential for the MII division's non-US products to be
part assembled in Houston and so help to minimise the potential tariff impact
on long-term Adaptix, Magnetica and SciMag sales. An existing example of this
is the fully equipped, RF shielded demonstration laboratory for the Magnetica
3T MSK MRI system that TecMag has already installed on site, ready to accept
the first systems, post FDA 510(k) approval.
Magnetica Based in Brisbane Australia, Magnetica is developing the next
generation of compact, helium-free 3T MSK extremity MRI systems. Weighing just
25% of a normal full size MRI system offers significant installation benefits
and prospective customers at the RSNA show (Radiological Society of North
America) at the end of 2025 were favourably impressed by the image quality
produced by the prototype compact MRI system, as well as the important user
interface, which is very encouraging. However, as many medical companies have
experienced in 2025, progressing the US FDA application at speed has been
challenging and submission is now expected in H2 2026.
Adaptix develops innovative 3D imaging technologies that are significantly
better, safer, smaller and more affordable than traditional radiology systems.
This revolutionary system addresses the limitations of traditional 2D X-ray
imaging, while offering a more accessible and cost-effective alternative to
full CT scans.
In November 2025, Adaptix achieved a major product launch milestone with the
Adaptix Ortho350 system receiving US FDA clearance for sale. This was quickly
followed by the first US based orthopaedic key opinion leader (KOL) site in
Miami being agreed and the appointment of two new US resellers into the
orthopaedic imaging and urgent care centre markets, post period end in January
and February 2026. This year will be an important period for the adoption of
the Adaptix Ortho350 system within the US and UK markets, delivering initial
clinical feedback, white papers and case studies from the early adopters and
technology innovators which will help drive sales into the US market in 2027
and beyond.
The system also has the potential to free-up musculoskeletal limb scanning
slots on the existing field-base of capacity constrained, US hospital-based
"whole body" MRI and CT systems - and thus offers immediate incremental
revenue and margin generation opportunities for hospitals in the US.
In addition to the orthopaedic market, the Adaptix 3D X-ray technology is also
being used in non-destructive testing (NDT) for the aerospace and defence
markets, as well as the UK and US veterinary markets. The aerospace and
specialist automotive markets are especially encouraging, with the company
signing its first material inspection contract post period end (details
undisclosed for commercial reasons), highlighting its potentially
groundbreaking impact within the NDT inspection market.
Post period-end, in January 2026, Stuart Gall joined as CEO of the MII
division and his proven track record in guiding technology companies from
early innovation through to commercial success will be invaluable as we
continue to build momentum in the Medical and Industrial Imaging division.
Stuart is assimilating the current situation rapidly, as he comes up to speed
with the businesses and the various market opportunities. His insights will be
crucial over the coming months, as we seek to validate our pre-existing
assumptions, to optimise the commercial roll-out of products in the USA and
elsewhere globally.
Financial Performance
Key Performance Indicators
The Group uses a number of financial key performance indicators to monitor the
business, as set out below. The Company publishes more detailed and
operational KPIs in its annual report. The figures relate only to continuing
operations.
Revenue: flat year on year, with full year results expected to reflect more
historic H2 weighting
Group revenue was broadly flat, at £78.1m (2025 H1: £79.0m) with a stronger
H2 expected, returning to the more traditional 45:55 weighting.
Gross margin ('GM') - saw a modest increase, primarily due to greater AM mix
GM increased to 31.7% (2025 H1: 30.0%), primarily a result of the increased
level of AM business in AES.
Profit margin: EBITDA increase driven by narrowing losses in the Medical
division.
Adjusted EBITDA (note 4) increased by 10.4%, to £9.6m, (2025 H1: £8.7m) due
to lower losses in the MII division. Underlying AES Adjusted EBITDA margins
improved to 14.7% (2025 H1:14.3%) due to better AM mix.
Tax: future profits and cash still protected by available losses
The effective rate of taxation at Group level was a 15.8% tax charge. A tax
credit in the US and the use of Group losses in the UK kept the rate lower
than expected overall. The Group tax position will continue to be aided in
the coming years by the utilisation of historic losses available in the UK and
US.
Adjusted Earnings per Share (EPS): steady improvement.
Adjusted diluted earnings per share from continuing operations increased, to
14.6p (2025 H1: 12.0p), notwithstanding the continuing planned investments in
the Medical division.
Basic and diluted earnings per share from continuing operations increased by
24.5% to 12.7p (2025 H1: 10.2p) and 12.5p (2025 H1: 10.0p).
Funding and Liquidity: net debt position remains well under control.
Net debt was stable at £12.3m, excluding IFRS16 debt (31 May 2025: £12.3m),
with ongoing planned investments in Magnetica and Adaptix. Cash inflow from
operating activities in the period was improved, at £7.6m (2025 H1: £4.9m).
Dividend: interim dividend progressively increased.
The Board is continuing with its policy of gradual increases in dividends. The
dividend is 2.0 pence per share (2025 H1: 1.9 pence). The dividend will be
paid on 26 June 2026, to shareholders on the register as at 29 May 2026.
ESG (Environmental, Social, and Governance)
Avingtrans is endeavouring to attain a high level of clarity on ESG matters.
We will be reporting on this task more fully, in our next Annual Report.
However, we comment on some ESG related matters below, to keep our investors
informed.
People
In the period, Austen Adams was appointed as Group COO and joined the
Avingtrans Board. Stuart Gall was appointed as CEO of the MII division and
joined the Group in January 2026. There were no other personnel changes at
Board or senior management level. At divisional management level, the teams
have also remained stable.
We continue to strengthen the management teams in the individual business
units, with further appointments being made in the period and with an on-going
emphasis on aftermarket opportunities, where applicable. Skills availability
is always challenging. However, we do not expect to be disadvantaged in the
market. We continue to invest significant effort in developing skills and
talent, both through structured apprenticeship programmes and graduate
development plans, across a number of business units. For example, HT Inc has
worked to reinvigorate its apprentice scheme during the last year. The Group
continues to be recognised nationally for the strength of its apprenticeship
training schemes.
Sustainability
We have developed a robust governance structure which supports proactive and
collaborative working aimed at addressing Environmental, Social and Governance
(ESG) risks and opportunities across the Group.
Our approach to sustainability is aligned with the UN's Sustainable
Development Goals (SDGs) and our priorities are:
· Health, safety, and wellbeing
· Operational eco-efficiency
· Development of cleaner technologies
Health, safety and wellbeing
We are dedicated to achieving excellence in Health, Safety, and Environment
(HSE) by embracing proactive, preventative measures that benefit every
employee. Our diverse acquisitions give us the unique opportunity to share and
integrate best practices, whether elevating local processes in smaller
acquisitions, or learning from the well-established HSE systems in our larger
businesses.
We are proud to see positive trends in incident reporting and near-miss
feedback across the Group and we actively encourage our employees to come
forward with ideas that drive continuous improvement. Regular safety walks and
routine inspections play a key role in our preventative strategy, helping us
identify opportunities to further enhance workplace safety.
At Board level, Les Thomas oversees HSE matters, conducting inspections and
reviews with local management. Together, we are committed to fostering a safe,
supportive, and innovative work environment for everyone.
Operational eco-efficiency
In 2025, the Group delivered strong operational growth while maintaining
disciplined control of carbon intensity. Total emissions increased modestly to
2,982 tCO₂e (2024: 2,766 tCO₂e), reflecting higher production volumes and
increased activity across the business. Importantly, this growth was achieved
alongside improving efficiency metrics, demonstrating that the Group is
scaling in a controlled and responsible manner. In line with SECR
requirements, electricity emissions are calculated using regional grid-average
factors; however, as several Group entities now source electricity from
renewable providers, the Group's underlying electrical emissions are lower
than those reported.
Carbon intensity performance improved across both divisions, underscoring the
effectiveness of targeted sustainability initiatives. In the Advanced
Engineering Systems division, emissions per £m of revenue reduced to 17.9
tCO₂e/£m (2024: 18.8), driven by revenue growth achieved without a
proportional expansion of the manufacturing footprint. In the Medical &
Industrial Imaging division, emissions per employee improved significantly to
1.9 tCO₂e (2024: 2.9), reflecting operational efficiencies and a growing
contribution from lower-carbon activities. Together, these trends demonstrate
the Group's ability to grow revenues and capability while reducing carbon
intensity, supporting a credible pathway to more sustainable long-term growth.
Development of cleaner technologies
The Group is actively expanding its role in next-generation nuclear energy
technologies, building on its strong heritage in performance-critical
engineering. Avingtrans's US-based subsidiary, Hayward Tyler Inc., is
developing high-temperature molten salt pumps for an Integrated Effects Test
facility supporting the Molten Chloride Fast Reactor (MCFR), a
transformational 4th-generation nuclear technology designed for low-cost,
economy-wide decarbonisation. This work complements Hayward Tyler's
involvement in other advanced reactor programmes and positions the business as
a trusted partner to leading innovators in the nuclear sector.
In addition, Hayward Tyler was previously awarded a multi-phase contract by
leading nuclear developer TerraPower for the design and development of primary
and intermediate sodium pumps for the Natrium reactor demonstration project in
Wyoming. A commercial-scale, sodium-cooled fast reactor with integrated energy
storage that is progressing towards deployment and regulatory review in the UK
and US. These engagements reflect growing global momentum behind advanced
nuclear technologies and reinforce the Group's participation in long-term,
high-value energy infrastructure markets, supporting sustainable demand for
its specialist engineering capabilities.
In parallel, the Group continues to innovate within medical imaging through
the development of helium-free superconducting magnet technology for compact
MRI systems. Traditional MRI platforms rely on liquid helium, a scarce and
non-renewable resource largely sourced as a by-product of fossil fuel
extraction. By leveraging reduced system footprints and advanced mechanical
cooling, the Group aims to virtually eliminate helium usage in future designs,
improving sustainability, supply chain resilience, and lifecycle costs.
Social Responsibility
The Group maintains the highest ethical and professional standards across all
of its activities and social responsibility is embedded in operations and
decision making. We understand the importance of managing the impact that the
business can have on employees, customers, suppliers and other stakeholders.
The impact is regularly reviewed to sustain improvements, which in turn
supports the long-term performance of the business. Our focus is to embed the
management of these areas into our business operations, both managing risk and
delivering opportunities that can have a positive influence on our business.
The Group places considerable value on the involvement of its employees and
continues to keep them informed on matters affecting them directly and on
financial and broader economic factors affecting the Group. Avingtrans
regularly reviews its employment policies. The Group is committed to a global
policy of equality, providing a working environment that maintains a culture
of respect and reflects the diversity of our employees. We are committed to
offering equal opportunities to all people regardless of their sex,
nationality, ethnicity, language, age, status, sexual orientation, religion,
or disability.
We believe that employees should be able to work safely in a healthy
workplace, without fear of any form of discrimination, bullying or harassment.
We believe that the Group should demonstrate a fair gender mix across all
levels of our business, whilst recognising that the demographics of precision
engineering and manufacturing remain predominantly male, which is, to an
extent, beyond our control.
Ethical policy
The Group complies with the Bribery Act 2010. We do not tolerate bribery,
corruption, or other unethical behaviour on the part of any of our businesses,
or business partners, in any part of the world. Employee training is refreshed
annually in all areas of the business, to ensure that the Act is complied
with.
Outlook
The Group is actively investing in both of its divisions, concentrating on the
global energy, infrastructure and medical markets and seeking to optimise
shareholder value through future exits. Magnetica is finalising the
development of its compact MRI system and Adaptix is now actively deploying
its 3D X-ray technology. Positive results are evident in various business
units, notably at Hayward Tyler and Ormandy, as highlighted by the first-half
outcomes. Our stated value creation goals are running to plan, supported by a
conservative approach to debt, especially crucial during a period of continued
global volatility.
The AES division maintains a robust focus on nuclear power, thermal, and
hydrocarbon markets, along with their associated aftermarkets, as well as
critical national infrastructure in the UK. The MII division is fully focussed
on innovative compact MRI systems and 3D X-ray solutions for exciting niche
market applications. Each division has a clear strategy to support end-user
aftermarket operations, servicing their equipment and any relevant third-party
equipment (where appropriate) to capitalise on the ongoing demand for
efficient, reliable, and safe products and systems.
Increased global energy demand, being notably driven by AI and datacentre
requirements, is providing a target rich environment for HT and several other
Group businesses. Helpful tailwinds in infrastructure and defence are also
swelling Group prospects, whilst the potential for MII products is exciting.
Our markets are dynamic and we prioritise strategic M&A opportunities. We
are particularly interested in turnaround prospects and long-term
buy-and-build scenarios, recognising that businesses like ours can achieve
high valuations at the point of exit. While the Board remains vigilant, we are
confident in the current direction and potential future opportunities across
our markets. We will refine our strategy by pinpointing specific acquisitions
as opportunities arise, building businesses that generate sustainable
shareholder value, all whilst maintaining a prudent level of financial
flexibility, to mitigate unforeseen risks in a volatile global environment.
With a strong first-half performance and a strong order book, the Group is
well-positioned to meet market expectations for the full year and the Board
views the future with confidence.
Roger McDowell Steve McQuillan Stephen King
Chairman Chief Executive Officer Chief Financial Officer
24 February 2026 24 February 2026 24 February 2026
Consolidated Income Statement (Unaudited)
for the six months ended 30 November 2025
6 months to 6 months to Year to
30 Nov 30 Nov 31 May
2025 2024 2025
£'000 £'000 £'000
Revenue 78,103 79,017 156,406
Cost of sales (53,334) (55,300) (106,889)
Gross profit 24,769 23,717 49,517
Distribution costs (2,357) (2,858) (3,613)
Other administrative expenses (17,094) (16,328) (37,896)
Operating profit before amortisation of acquired intangibles, other
non-underlying items and exceptional items
6,016 5,195 9,703
Amortisation of intangibles from business combinations
(410) (410) (819)
Other non-underlying items (131) (167) (337)
Acquisition costs - - (204)
Restructuring costs (157) (87) (335)
Operating profit 5,318 4,531 8,008
Finance income (Note 5) 30 55 120
Finance costs (Note 5) (349) (768) (1,268)
Profit before taxation 4,999 3,818 6,860
Taxation (Note 3) (788) (452) (596)
Profit after taxation from continuing operations 4,211 3,366 6,264
Profit is attributable to:
Owners of Avingtrans PLC 3,795 3,294 6,558
Non-controlling interest 416 72 (294)
Total 4,211 3,366 6,264
Profit per share:
From continuing operations
- Basic (Note 6) 12.7p 10.2p 18.9p
- Diluted (Note 6) 12.5p 10.0p 18.6p
Consolidated statement of comprehensive income (Unaudited)
for the six months ended 30 November 2025
6 months to 6 months to Year to
30 Nov 30 Nov 31 May
2025 2024 2025
£'000 £'000 £'000
Profit for the period 4,211 3,366 6,264
Items that will not be subsequently reclassified to profit or loss
Remeasurement of net defined benefit liability - - (294)
Income tax relating to items not reclassified - - 74
Items that may/will subsequently be reclassified to profit or loss
Exchange differences on translation of foreign operations 782 (200) (2,638)
Total comprehensive profit for the period 4,993 3,166 3,406
Summarised consolidated balance sheet (Unaudited)
at 30 November 2025
30 Nov 30 Nov 31 May
2025 2024 2025
£'000 £'000 £'000
Non current assets
Goodwill 27,835 27,874 27,835
Other intangible assets 46,381 37,350 41,503
Property, plant and equipment 27,138 29,149 27,864
Deferred tax asset 5,914 4,009 5,066
Pension and other employee obligations 83 224 83
107,351 98,606 102,351
Current assets
Inventories 21,367 23,859 19,470
Trade and other receivables: falling due within one year 58,555 61,684 58,532
Trade and other receivables: falling due after one year 1,734 1,305 3,137
Current tax asset 1,739 860 712
Cash and cash equivalents 5,620 10,295 8,556
89,048 98,003 90,407
Total assets 196,399 196,609 192,758
Current liabilities
Trade and other payables (42,922) (46,161) (41,507)
Lease liabilities (2,921) (2,808) (2,980)
Borrowings (5,282) (5,879) (8,428)
Current tax liabilities (1,502) (769) (1,089)
Provisions (2,973) (1,978) (2,542)
Total current liabilities (55,600) (57,595) (56,546)
Non-current liabilities
Borrowings (9,469) (9,610) (8,677)
Lease liabilities (4,802) (6,806) (5,388)
Deferred tax (6,370) (6,488) (6,641)
Other creditors (301) (347) (274)
Total non-current liabilities (20,942) (23,251) (20,980)
Total liabilities (76,542) (80,846) (77,526)
Net assets 119,857 115,763 115,232
Equity
Share capital 1,657 1,654 1,654
Share premium account 19,120 19,005 19,005
Capital redemption reserve 1,299 1,299 1,299
Translation reserve (828) 760 (1,540)
Merger reserve 28,949 28,949 28,949
Other reserves 1,457 1,457 1,457
Investment in own shares (4,235) (4,235) (4,235)
Retained earnings 69,861 64,279 66,552
Total equity attributable to equity holders of the parent 117,280 113,168 113,141
Non-controlling interest 2,577 2,595 2,091
Total equity 119,857 115,763 115,232
Consolidated statement of changes in equity (Unaudited)
at 30 November 2025
Share Share Capital Merger Trans- Other Invest-ment in own shares Retained earning Total
capital premium redemp- reserve lation reserves Attributable owners of the Group
account tion reserve Non-controlling interest
reserve Total
Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 June 2024 1,654 19,005 1,299 28,949 913 1458 (4,235) 61,402 110,444 2,570 113,014
Ordinary shares issued - - - - - - - - - - -
Dividends paid - - - - - - - (584) (584) - (584)
Share-based payments - - - - - - - 167 167 - 167
Total transactions with owners - - - - - - - (417) (417) (417)
-
Profit for the period - - - - - - - 3,294 3,294 72 3,366
Other comprehensive income
Exchange rate loss - - - - (153) - - - (153) (47) (200)
Total comprehensive income for the period - - - - (153) - - 3,294 3,141 25 3,166
Balance at 1,654 19,005 1,299 28,949 760 1,458 (4,235) 64,279 113,168 2,595 115,763
30 Nov 2024
At 1 Dec 2024 1,654 19,005 1,299 28,949 760 1,458 (4,235) 64,279 113,168 2,595 115,763
Ordinary shares issued - - - - - - - - - - -
Dividends paid - - - - - - - (942) (942) - (942)
Share-based payments - - - - - - - 170 170 - 170
Total transactions with owners - - - - - - - (772) (772) - (772)
Profit for the period - - - - - - - 3,264 3,264 (366) 2,898
Investment in subsidiary with non-controlling interest - - - - 185 - - - 185 (185) -
Other comprehensive income
Actuarial gain for the period on pension scheme - - - - - - - (294) (294) - (294)
Deferred tax on actuarial movement on pension scheme - - - - - - - 74 74 - 74
Exchange loss - - - - (2,485) - - - (2,485) 47 (2,438)
Total comprehensive income for the period - - - - (2,300) - - 3,044 744 (504) 240
Balance at 1,654 19,005 1,299 28,949 (1,540) 1,458 (4,235) 66,552 113,141 2,091 115,232
31 May 2025
At 1 June 2025 1,654 19,005 1,299 28,949 (1,540) 1,458 (4,235) 66,552 113,141 2,091 115,232
Ordinary shares issued 3 115 - - - - - - 118 - 118
Dividends paid - - - - - - - (617) (617) - (617)
Share-based payments - - - - - - - 131 131 - 131
Total transactions with owners 3 115 - - - - - (486) (368) (368)
-
Profit for the period - - - - - - - 3,795 3,795 416 4,211
Investment in subsidiary with non-controlling interest - - - - (70) - - - (70) 70 -
Other comprehensive income
Exchange rate gain - - - - 782 - - - 782 - 782
Total comprehensive income for the period - - - - 712 - - 3,795 4,507 486 4,993
Balance at 1,657 19,120 1,299 28,949 (828) 1,458 (4,235) 69,861 117,280 2,577 119,857
30 Nov 2025
Consolidated cash flow statement (Unaudited)
for the six months ended 30 November 2025
6 months to 6 months to Year to
30 Nov 30 Nov 31 May
2025 2024 2025
£'000 £'000 £'000
Operating activities
Cash flows from operating activities 8,277 6,075 15,323
Finance costs paid (628) (730) (1,782)
Income tax paid (12) (274) (1,769)
Contributions to defined benefit plan - (140) (281)
Net cash inflow from operating activities 7,637 4,931 11,491
Investing activities
Finance income 30 55 120
Purchase of intangible assets (5,042) (5,032) (11,482)
Purchase of property, plant and equipment (1,666) (1,294) (2,812)
Proceeds from the sale of property, plant and equipment 7 - -
Net cash used by investing activities (6,671) (6,271) (14,174)
Financing activities
Equity dividends paid (617) (584) (1,526)
Repayments of bank loans (3,714) (965) (1,689)
Repayments of leases (1,735) (1,576) (2,821)
Proceeds from issue of ordinary shares 118 - -
Borrowings raised 1,987 2,780 5,600
Net cash outflow from financing activities (3,961) (345) (436)
Net decrease in cash and cash equivalents (2,995) (1,685) (3,119)
Cash and cash equivalents at beginning of period 8,500 11,793 11,793
Effect of foreign exchange rate changes 115 12 (174)
Cash and cash equivalents at end of period 5,620 10,120 8,500
Cashflows from operating activities (Unaudited)
for the six months ended 30 November 2025
6 months to 6 months to Year to
30 Nov 30 Nov 31 May
2025 2024 2025
£'000 £'000 £'000
Profit before income tax from continuing operations 4,999 3,820 6,860
Adjustments for:
Depreciation of property, plant and equipment 2,873 2,731 5,466
Amortisation of intangible assets 573 656 1,337
Amortisation of intangibles from business combinations 410 410 819
Profit on disposal of property, plant and equipment 2 23 31
Finance income (30) (55) (120)
Finance expense 549 768 1,760
Share based payment charge 131 167 337
Changes in working capital
Increase in inventories (1,934) (3,966) (263)
Decrease/ (increase) in trade and other receivables 2,690 (4,987) (4,404)
(Decrease)/ increase in trade and other payables (2,197) 6,343 2,759
Increase in provisions 211 165 782
Other non-cash changes - - (41)
Cash inflow from operating activities 8,277 6,075 15,323
6 months to 6 months to Year to
30 Nov 30 Nov 31 May
2025 2024 2025
£'000 £'000 £'000
Cash and cash equivalents
Cash 5,620 10,295 8,556
Overdrafts - (175) (56)
5,620 10,120 8,500
Notes to the half year statement
30 November 2025
1. Basis of preparation
The Group's interim results for the six-month period ended 30 November 2025
are prepared in accordance with the Group's accounting policies which are
based on the recognition and measurement principles of International Financial
Reporting Standards ('IFRS') as adopted by the UK and effective, or expected
to be adopted and effective, at 31 May 2026. As permitted, this interim report
has been prepared in accordance with the AIM rules and not in accordance with
IAS34 'Interim financial reporting'.
These interim results do not constitute full statutory accounts within the
meaning of section 434 of the Companies Act 2006 and are unaudited. The
unaudited interim financial statements were approved by the Board of Directors
on 24 February 2026 and will shortly be available on the Group's website at
www.avingtrans.plc.uk.
The consolidated financial statements are prepared under the historical cost
convention as modified to include the revaluation of financial instruments.
The accounting policies used in the interim financial statements are
consistent with IFRS and those which will be adopted in the preparation of the
Group's annual report and financial statements for the year ended 31 May 2026.
The statutory accounts for the year ended 31 May 2025, which were prepared
under IFRS, have been filed with the Registrar of Companies. These statutory
accounts carried an unqualified Auditor's Report and did not contain a
statement under either Section 498(2) or (3) of the Companies Act 2006.
2. Segmental analysis
Energy Medical Unallocated central items Total
AES MII
£'000 £'000 £'000 £'000
6 months to 30 November 2025
Original equipment 47,601 2,373 - 49,974
Aftermarket 27,563 566 - 28,129
Revenue 75,164 2,939 - 78,103
Operating profit/(loss) 7,793 (1,762) (713) 5,318
Net finance costs (319)
Taxation (788)
Profit after tax from continuing operations 4,211
Energy Medical Unallocated central items Total
AES MII
£'000 £'000 £'000 £'000
Year ended 31 May 2025
Original equipment 99,870 4,592 - 104,462
Aftermarket 51,589 355 - 51,944
Revenue 151,459 4,947 - 156,406
Operating profit/(loss) 15,215 (5,652) (1,555) 8,008
Net finance costs (1,148)
Taxation (596)
Profit after tax from continuing operations 6,264
Energy Medical Unallocated central items Total
AES MII
£'000 £'000 £'000 £'000
6 months to 30 November 2024
Original equipment 51,287 1,858 - 53,145
Aftermarket 25,520 352 - 25,872
Revenue 76,807 2,210 - 79,017
Operating profit/(loss) 7,787 (2,567) (689) 4,531
Net finance costs (713)
Taxation (452)
Profit after tax from continuing operations 3,366
3. Taxation
The taxation charge is based upon the expected effective rate for the year
ended 31 May 2026.
4. Adjusted Earnings before interest, tax,
depreciation and amortisation
6 months to 6 months to Year to
30 Nov 30 Nov 31 May
2025 2024 2025
£'000 £'000 £'000
Profit before tax from continuing operations 4,999 3,818 6,860
Share based payment expense 131 167 337
Acquisition costs - - 204
Restructuring costs 157 87 335
Amortisation of intangibles from business combinations 410 410 819
Adjusted profit before tax 5,697 4,482 8,555
Finance income (30) (55) (120)
Finance cost 349 768 1,268
Adjusted profit before interest, tax and amortisation from business
combinations ('EBITA')
6,016 5,195 9,703
Depreciation 2,873 2,731 5,466
Amortisation of other intangible assets 573 655 1,337
Amortisation of contract assets 109 89 178
Adjusted Earnings before interest, tax, depreciation and amortisation
('EBITDA')
9,571 8,670 16,684
5. Finance income and costs
6 months to 6 months to Year to
30 Nov 30 Nov 31 May
2025 2024 2025
£'000 £'000 £'000
Finance income
Bank balances and deposits 30 55 96
Gain on the fair value of derivative contracts - - -
Interest from other - - 24
30 55 120
Finance costs
Interest on banking facilities and lease liabilities 349 768 1,268
Loss on the fair value of derivative contracts - - -
349 768 1,268
6. Earnings per share
Basic earnings per share is based on the earnings attributable to ordinary
shareholders and the weighted average number of ordinary shares in issue
during the year.
For diluted earnings per share the weighted average number of ordinary shares
is adjusted to assume conversion of all dilutive potential ordinary shares,
being the CSOP and ExSOP share options.
6 months to 6 months to Year to
30 Nov 2025 30 Nov 2024 31 May 2025
No No No
Weighted average number of shares - basic 33,102,161 33,089,922 33,089,922
Share Option adjustment 574,217 590,377 555,775
Weighted average number of shares - diluted 33,676,378 33,680,299 33,645,697
£'000 £'000 £'000
Earnings from continuing operations 4,211 3,366 6,264
Share based payments 131 167 337
Acquisition costs - - 204
Restructuring costs 157 87 335
Other exceptionals - - -
Gain on derivatives - - -
Amortisation of intangibles from business combinations 410 410 819
Adjusted earnings from continuing operations 4,909 4,030 7,959
From continuing operations:
Basic earnings per share 12.7p 10.2p 18.9p
Adjusted basic earnings per share 14.8p 12.2p 24.1p
Diluted earnings per share 12.5p 10.0p 18.6p
Adjusted diluted earnings per share 14.6p 12.0p 23.7p
The Directors believe that the above adjusted earnings per share calculation
from continuing operations is the most appropriate reflection of the Group
performance.
7. Net debt and gearing
The gearing ratio at the year-end is as follows: 30 Nov 2025 30 Nov 2024 31 May 2025
£'000 £'000 £'000
Cash 5,620 10,295 8,556
Loans (14,750) (15,294) (17,049)
Lease liability - finance leases under IAS17 (3,217) (3,754) (3,785)
Lease liability - under IFRS 16 (4,506) (5,860) (4,583)
Overdrafts - (195) (56)
Net debt (16,853) (14,808) (16,917)
Equity 119,857 115,763 115,232
Net debt to equity ratio (14.1)% (12.8)% (14.7)%
Net debt to equity ratio excluding IFRS16 debt (10.3)% (7.7)% (10.7)%
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AnnouncementREG - Avingtrans PLC - Holding(s) in Company
AnnouncementREG - Avingtrans PLC - Holding(s) in Company
AnnouncementREG - AIM - AIM Notice - 04/02/2026
AnnouncementREG - Avingtrans PLC - Exercise of Options & TVR
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