REG - Avingtrans PLC - Trading Update, Acquisitions and Notice of Results

AvingtransAnnouncement

16/01/2023 07:00

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RNS Number : 7305M  Avingtrans PLC  16 January 2023

16 January 2023

Avingtrans Plc

("Avingtrans", the "Company", or the "Group")

Trading Update, Acquisitions 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 6 months of the
financial year to 30 November 2022 was in line with market expectations.

 

Notice of Results

Avingtrans will publish its results for the 6 months ended 30 November 2022
on 22 February 2023, at which time it will provide a further performance
update.

 

Acquisitions

In addition, the Board is delighted to announce that Avingtrans' business
unit, Ormandy Group, which designs, manufactures and services off-site plant,
heat exchangers and other HVAC (heating, ventilation and air conditioning)
products, has acquired the business and assets of Hevac Limited ("Hevac"), a
heating ventilation and air conditioning solutions provider based in Elland,
Yorkshire and the business and assets of HeatExchangeSpares.com ("HES") a
plates and gaskets supplier, based in Watford (together the "Acquisitions").
The total consideration for the Acquisitions is expected to be £825k  which
will be funded from the Group's existing cash resources. In the latest
reported financial year, ended December 2021, the combined businesses and
assets generated £5.3m  of sales and a loss before tax of £0.3m. Gross
assets acquired total £750k.

The Acquisitions will complement Ormandy Group's operations and expand its
product range. Both Hevac and HES are established names in the HVAC industry
with strong reputations for supplying quality systems and spares for
commercial and public buildings around the world.

 

Steve McQuillan, CEO of Avingtrans, commented:

"Despite the continuing difficult operating environment, I am pleased to
report that Group trading is in line with management expectations for the half
year. I am also delighted that Austen Adams and his team in the PSRE division
have completed the acquisitions of Hevac and HES. These businesses strengthen
Ormandy's offering as a leading provider of offsite and heat exchange
solutions to commercial and industrial customers in the UK and
internationally. The Acquisitions will also enable us to take greater control
over our supply chain and release untapped potential in the market, to further
strengthen our position."

 

Enquiries:

 Avingtrans plc                                          01354 692391
 Roger McDowell, Chairman

 Steve McQuillan, Chief Executive Officer

 Stephen King, Chief Financial Officer
 Singer Capital Markets (Nominated Adviser and Broker)   02074 963000
 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, 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

 Energy Steel, part of the Engineered Pumps and Motors Division of
 Avingtrans plc, has been serving the nuclear power industry since 1982 with
 capabilities in equipment fabrication, material supply, precision machining,
 engineering, and repair services. Through strategic OEM partnerships, it also
 provides solutions for obsolete nuclear components and support for the most
 complex projects.

 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, manufactures 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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