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

AvingtransAnnouncement

20/01/2022 07:05

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RNS Number : 0140Z  Avingtrans PLC  20 January 2022

20 January 2022

Avingtrans Plc

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

 

Trading Update, Notice of Results and Strategic Investment

 

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 business in the first half of
the financial year has remained strong and the Company is trading in line with
market expectations. At the end of the first half, Avingtrans had net cash
(pre IFRS 16) in excess of £22.5m (31 May 2021: £23.3m).

Notice of Results

Avingtrans will publish its results for the six months ended 30 November 2021
on 23 February 2022, at which point it will provide a further update on
performance.

Strategic Investment

Furthermore, Avingtrans is pleased to announce that it has increased its
shareholding in the emerging Medtech 3D X-ray business, Adaptix Limited
("Adaptix"), by another 150,000 shares, for a total consideration of £1.5m.
Avingtrans now owns 400,000 Adaptix shares, representing 11.9% of the current
issued share capital.

In the year to 31 March 2021, Adaptix made a loss after tax of approximately
£1.1m. Further details on Adaptix can be found in the announcement released
by the Company on 13 October 2021.

Steve McQuillan, CEO of Avingtrans commented: "The objective of the further
investment in Adaptix is a vote of confidence in their strategy and in our
strategy for Magnetica. The product launch plans of Magnetica and Adaptix are
convergent, enabling the two businesses to mutually benefit by co-ordinating
their approaches to market."

Mark Evans, CEO of Adaptix, added: "We recognise that the success of Adaptix
and Magnetica will be augmented by working more closely together, to bring
about a transformation in diagnostic imaging. The funds will be deployed by
Adaptix in developing commercial distribution for its Vet and Orthopaedic
products, which will subsequently be used to distribute Magnetica's MRI
products also. It's an exciting time for both businesses and the initial
market response to the launch of the Adaptix system has been very
encouraging"

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)
 .

 

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

 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.

 

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