REG - Avingtrans PLC - Trading Update and Notice of Results

AvingtransAnnouncement

18/01/2024 07:00

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RNS Number : 0459A  Avingtrans PLC  18 January 2024

18 January 2024

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 that trading in the first six months of the
financial year to 30 November 2023 is in line with the Board's expectations.

Advanced Engineering Systems Division (AES)

Furthermore, the Board is pleased to officially introduce the newly formed
Advanced Engineering Systems (AES) division. The AES division has been
established as an amalgamation of the Engineered Pumps and Motors (EPM)
Division and the Process Solutions and Rotating Equipment (PSRE) division.
Encouragingly, order intake in the newly formed division continues to be
robust.

Austen Adams, formerly the managing director of the PRSE division, will assume
leadership of this newly integrated division. The Board would like to extend
its sincere best wishes and gratitude to Mike Turmelle, the former head of the
EPM division, who has stepped down from his role and left the Company. His
contributions during his tenure at Avingtrans are highly appreciated.

The consolidation of these divisions is driven by two primary objectives.
Firstly, it aligns with the Group's Pinpoint-Invest-Exit ("PIE") model by
facilitating strategic exits for the business units within the division.
Secondly, it aims to present a clearer distinction of the mature engineering
businesses and their overall contribution to the Group's results.

This division contrasts significantly with the investment requirements of the
earlier stage Medical and Industrial Imaging division (MII), where progress in
the period by Adaptix and Magnetica remains largely on track in terms of
product and market development.

Notice of Results

Avingtrans will publish its results for the six months ended 30 November 2023
on 28 February 2024, at which time it will provide a further performance
update.

Steve McQuillan, CEO of Avingtrans, commented:

"I am pleased to announce that the Group's trading performance for the first
half of the year is in line with the Board's expectations and, we are
comfortable in achieving market expectations for FY24. Additionally, we are
pleased to announce the formation of the new Advanced Engineering Systems
(AES) division by combining the mature engineering businesses and identifying
their contribution to the Group, which contrast to the investment requirements
of the nascent Medical and Industrial Imaging division. We will comment
further on this in our half year results in February."

Enquiries:

 Avingtrans plc                                          01354 692 391
 Roger McDowell, Chairman

 Steve McQuillan, Chief Executive Officer

 Stephen King, Chief Financial Officer

 Singer Capital Markets (Nominated Adviser and Broker)   020 7496 3000
 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 & Nottingham, UK, 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

 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 and 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.

 Adaptix Ltd - Oxford, UK

 Adaptix has developed novel 3D X-ray for Orthopaedic and Veterinary
 applications amongst others. Commercialisation of this system (and others) is
 on-going.

 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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