Pre-Close Trading Update and Notice of Results

RNS Number : 1378B

Avingtrans PLC

08 January 2018

 

08 January 2018 

Avingtrans Plc

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

Pre-Close Trading Update and Notice of Interim Results

Avingtrans (AIM: AVG), which designs, manufactures and supplies critical components, modules and associated services to the energy and medical sectors is pleased to provide an update for the six months ended 30 November 2017.

The Group has performed well in the first half of the financial year and the Board anticipates that the full year will be in-line with market forecasts. The key financial performance indicators of revenue, gross margin and EBITDA are all tracking the Board's expectations and the Company continues to secure new business in generally improving market conditions. A number of notable contracts were secured in the period, worth almost £7m in total, including: nuclear life extension contracts worth £2.2m in Sweden and £2.5m in South Korea; a £1m steam turbine refurbishment contract; an initial £0.5m UK gas distribution network upgrade contract; and a £0.5m M6 smart motorway contract.

As stated in our Preliminary Results announcement on 27 September 2017, the immediate focus for Avingtrans has been the integration of Hayward Tyler group (HTG) and the re-establishment of profitable growth for that business. The initial integration of HTG and the necessary restructuring of the Company has been successfully completed, in particular at Luton and Peterborough where Avingtrans has realised anticipated cost savings. In addition, the costly elements of HTG historic borrowings were repaid on acquisition and renewed long term banking facilities have been secured with RBS. Therefore, the Board is pleased to report that the opportunities for the long term profitable growth of the enlarged Avingtrans group as presented by the acquisition are as expected.

Notice of Results

Avingtrans will publish results for the six months ended 30 November 2017 on Wednesday 28 February 2018.

The management team will be hosting a presentation for analysts on the day of results at 9:30am at the offices of Newgate Communications, Sky Light City Tower, 50 Basinghall Street, London, EC2V 5DE

Steve McQuillan, Chief Executive Officer of Avingtrans Plc, added: "

"We are pleased with how the Avingtrans business has performed in the period across both the Energy and Medical sectors.

Our focus has been integrating the Hayward Tyler businesses into Avingtrans' existing business and we are happy with how this phase of development has progressed. As we outlined in September, we continue to be excited by the market synergies and potential that Hayward Tyler group offers Avingtrans, both in terms of enhancing the existing business and adding additional scale to future opportunities."

Enquiries:

Avingtrans plc Steve McQuillan, CEO Stephen King, CFO	0135 469 2391
N+1 Singer Shaun Dobson Lauren Kettle	020 7496 3000
Newgate Communications   (Financial PR) Adam Lloyd Ed Treadwell James Browne	020 7653 9850

About Avingtrans

Avingtrans is engaged in the provision of highly engineered components, systems and services to the energy, medical and traffic management industries worldwide.

Energy and Medical

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