REG - Avingtrans PLC - Trading Update and Notice of Results

AvingtransAnnouncement

07/07/2022 07:17

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RNS Number : 5778R  Avingtrans PLC  07 July 2022

7 July 2022

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,  announces a trading update in respect of the
financial year ended 31 May 2022.

The Board is pleased to report that the results for the year ended 31 May 2022
are expected to be in line with market expectations. The Group's year end net
cash position was strong, standing at in excess of £16 million (excluding
IFRS 16), following investments in the period in Magnetica, Adaptix and
Transkem, compared to £23 million as at 31 May 2021. The Group's order and
prospect pipeline also remains strong.

Hayward Tyler, Inc. has secured a contract extension for the continued
development of next generation molten salt pumps, under the Advanced Reactor
Demonstration Program, valued at US $1.1m. This recent contract extends the
program value beyond $2.5 million since June 2021. In addition to the contract
extension, Hayward Tyler, Inc. became the first US company to update its ASME
"N" Certifications to include Section III, Division 5 equipment.  This
section of the code allows for design, manufacture, and inspection of pumps
and process equipment for advanced, high temperature nuclear reactors.

Avingtrans partner company, Adaptix, has filed its 510(k) premarket
notification with the US FDA -  allowing the company to begin marketing its
Point-of-Care 3D orthopedic system in the United States.  Adaptix has
developed novel technologies that allow affordable, low-dose 3D imaging at the
Point-of-Care using Digital Tomosynthesis (DT), to provider quicker, more
accurate diagnosis possibilities. This is a significant milestone for Adaptix
and trailblazes the path for Magnetica.

The Company is also pleased to have received an award for 'Transaction of the
Year', in relation to the disposal of Peter Brotherhood in 2021, at the annual
Small Cap Awards ceremony 2022. The Company has been judged amongst the best
companies and participants in the small and micro-cap community across
thirteen categories recognising outstanding achievement. The award is welcome
recognition of the Group's successful PIE strategy, which aims to maximise
shareholder value over the long term.

Notice of Results

Avingtrans will publish its results for the twelve months ended 31 May 2022 on
28 September 2022.

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 (mailto:zach.cohen@investor-focus.co.uk)

Steve McQuillan, CEO of Avingtrans, commented:

"We are very pleased with the performance of the Group, overcoming many
challenges and working tirelessly to report results for the year ended 31 May
2022 in line with market expectations. The Company has entered the new
financial year with continued momentum, with strategic progress continuing and
a robust pipeline of opportunites setting the foundations for solid growth for
the coming year."

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

 Rachel Hayes
 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, 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.

 

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