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RNS Number : 5109X Flowtech Fluidpower PLC 26 April 2023
NEWS RELEASE
Issued on behalf of Flowtech Fluidpower plc
Immediate Release
Wednesday, 26 April 2023
FLOWTECH FLUIDPOWER PLC
("the Company")
specialist full-service provider of technical fluid power products and
services to industry
PUBLICATION OF THE 2022 AUDITED ANNUAL REPORT
The Company's unaudited preliminary results for the year ended 31 December
2022 were released on 12 April 2023.
Following the completion of the audit by Grant Thornton, today we publish the
2022 Audited Annual report and financial statements which reconfirms the
underlying EBITDA of £11.6m, net assets of £81.3m and net debt of £16.0m.
The final audited financial statements include a reclassification of
£94,000 between the inventory and debtor balances.
http://www.rns-pdf.londonstockexchange.com/rns/5109X_1-2023-4-26.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5109X_1-2023-4-26.pdf)
A copy of the Annual report will be available on the Company's website at
www.flowtechfluidpower.com (http://www.flowtechfluidpower.com) . This
together with the Notice of the 2023 Annual General Meeting and Form of Proxy
will be sent to all shareholders by either electronic means or posted to those
who have elected to receive hard copies during May 2023 ahead of the AGM
scheduled to be held in June 2023.
ENQUIRIES:
Flowtech Fluidpower plc
Russell Cash, Chief Financial Officer & Company Secretary
Tel: +44 (0) 1695 52759
Email: info@flowtechfluidpower.com (mailto:info@flowtechfluidpower.com)
Liberum (Nominated adviser and Sole Broker)
Richard Lindley / Ben Cryer / Will King
Tel: +44 (0) 20 3100 2000
TooleyStreet Communications (IR and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523
or email: fiona@tooleystreet.com (mailto:fiona@tooleystreet.com)
ABOUT FLOWTECH FLUIDPOWER PLC
(LSE: AIM symbol FLO)
Founded as Flowtech in 1983, the Flowtech Fluidpower Group is a group of
specialist fluid power businesses. Working in partnership with customers and
suppliers, we deliver essential components, customer solutions and
high-quality servicing support to keep global industry moving. The business
joined the AIM market in 2014. To read more about the Group please visit
www.flowtechfluidpower.com (http://www.flowtechfluidpower.com) .
Segment: What we do: Locations:
Flowtech
Our focus
Supply of both hydraulic and pneumatic consumables, predominantly through Flowtech
distribution for maintenance and repair operations across all industry markets
but supported by supply agreements direct to a broad range of original (Skelmersdale, Leicester, Birmingham)
equipment manufacturers (OEMs)
Flowtechnology Benelux
(Deventer)
Channels to market:
E-commerce websites, customer white label e-commerce websites,
70,000+catalogues, own and customer trade counters
Fluidpower
Group Solutions Our focus Primary Fluid Power Components (Skelmersdale)
Supply specialist technical hydraulic components & systems, predominantly Nelson Hi-Power
into OEMs and end-user channels to all industry markets, supported by supply
agreements with a broad range of manufacturer brands (Dublin, Cork, Dungannon)
HTL
Channels to market: (Ludlow)
Engineering collaboration through sales offices providing national and local Hydroflex
coverage. In 2022 enhanced by new e-commerce capabilities
(Brussels, Rotterdam and OudBeijerland)
Derek Lane & Co
(Newton Abbot)
HES Tractec
(Gloucester)
Fluidpower
Group Services Our focus
Bespoke design, manufacturing, commissioning, installation, and servicing of Primary Fluid Power Systems
systems to manufacturers of specialised industrial and mobile hydraulic OEMs,
and additionally a wide range of industrial end users. Capital project-based (Knowsley)
revenue.
Branch Hydraulic Systems
(Gloucester)
Channels to market:
HES Onsite
In-house design and build, combined with on-site installation, servicing and
support (Leeds, Gloucester)
Orange County
(Spennymoor)
Hi Power Transport
(Dublin, Cork, Belfast)
All the Group's divisions have overlapping product sets, allowing procurement
synergies to be maximised. The above segments are supported by centralised
back-office teams based at Skelmersdale and Wilmslow sites in the UK. In
total, the business employs 572 people.
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