REG - Avingtrans PLC - Trading Update and Notice of Results

AvingtransAnnouncement

08/07/2021 07:00

RNS Number : 5392E
  
Avingtrans PLC
  
08 July 2021
  
 

8 July 2021
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, is pleased to announce a trading update in respect of the financial year ended 31 May 2021.
The Board is pleased to report that the results for the year ended 31 May 2021 are expected to be at least in line with market expectations, revised upwards following the announcement of the Company's interim results in February 2021. 
The Group's year end net cash position was strong, standing at in excess of £23 million compared to net debt of £7.4 million as at 31 May 2020.  Cash balances benefited from the successful sale of Peter Brotherhood Limited in March 2021, which resulted in net proceeds to the Company of £30.6 million.  The Group's current orderbook and prospect pipeline remains robust.
As outlined in the Company's interim results, the Board is pleased to confirm the reinstatement of the Company's progressive dividend policy, following the dividend suspension last year due to Covid-19.  A dividend will be recommended for the year ended 31 May 2021, which will also include an amount to reflect the non-payment of an interim dividend.  The Company intends to reinstate more usual dividend payments in the current financial year, with an interim and full year dividend split, subject to maintaining appropriate financial headroom and flexibility in light of any future acquisition opportunities.
Notice of Results
Avingtrans will publish its results for the twelve months ended 31 May 2021 on 29 September 2021.  
The management team will be hosting a presentation for analysts on the day of results - for more information please contact Zach Cohen at IFC Advisory on zach.cohen@investor-focus.co.uk.
Steve McQuillan, CEO of Avingtrans, commented: "We are delighted with the strong performance of the Group which will report results for the year ended 31 May 2021 in line with the previously upgraded market forecasts.  Net cash in the business remains healthy which was strengthened following the successful sale of the Peter Brotherhood business in March.
"The Group is in a very good position to execute its PIE (pinpoint-invest-exit) strategy and its pipeline of opportunities is strong.  The Board remains confident on the outlook for the Group which is reflected in the reinstatement of the full year dividend."
Enquiries:




Avingtrans plc


01354 692391




Roger McDowell, Chairman
Steve McQuillan, Chief Executive Officer
Stephen King, Chief Financial Officer


 




Singer Capital Markets (Nominated Adviser)


020 7496 3000




Shaun Dobson/Alex Bond (Corporate Finance)
Rachel Hayes (Corporate Broking)
 


 
 




IFC Advisory Ltd
 
Graham Herring
Tim Metcalfe
Zach Cohen
 


020 3934 6630




 


 




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
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 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, 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.
 
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.
 




 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
TSTRRMPTMTAMBBB