2019 Annual General Meeting Statement

RNS Number : 2087B

Flowtech Fluidpower PLC

05 June 2019

 

NEWS RELEASE Issued on behalf of Flowtech Fluidpower plc Wednesday, 5 June 2019 Immediate Release

FLOWTECH FLUIDPOWER PLC ("Flowtech Fluidpower" the "Group" or "Company") 2019 Annual General Meeting Statement

At today's (5 June 2019) Annual General Meeting the Chairman, Malcolm Diamond MBE, will make the following statement: "I am pleased with the progress that the new Management team has made in 2019.  The focus on cost and working capital management combined with investing in our people and systems is clearly proving to be an appropriate strategy to adopt.  This will provide a platform for our future growth ambitions, both through organic means and, at an appropriate time, further suitable acquisition activity. In our Q1 trading update released in April we reported that revenue during the first three months of the current year increased by 14%, 4% of which was through organic means.  The business has continued to achieve organic growth in the subsequent two-month period. The Directors remain confident about the future; we expect our underlying performance to deliver another year of solid progress and we look forward to providing our next Trading Update for Q2 in early July.  Overall our trading is in line with market expectations."

Enquiries to: Flowtech Fluidpower plc Bryce Brooks, Chief Executive Officer Russell Cash, Chief Financial Officer Tel: [phone] Email [e-mail] LSE: AIM symbol FLO Zeus Capital Limited (Nominated Adviser and Broker) Andrew Jones, Alistair Donnelly (corporate finance) Dominic King, John Goold (sales & broking) Tel: [phone] finnCap Limited (Joint Broker) Ed Frisby, Kate Bannatyne (Corporate Finance) Rhys Williams, Andrew Burdis (Sales & Broking) Tel: + 44 (0) 20 7220 0500 TooleyStreet Communications (IR and media relations) Fiona Tooley Tel: [phone] or email: [e-mail]

Editor's note

About Flowtech Fluidpower plc

Founded as Flowtech in 1983, the Flowtech Fluidpower Group is the UK's leading specialist supplier of technical fluid power products.  The business joined AiM in 2014.  Today, the Group has two distinct divisions:
Division:	What we do:	Locations:
Components	Supply of hydraulic and pneumatic consumables, predominantly through distribution for urgent maintenance and repair operations across all industry sectors.  Additionally, support a broad range of OEMs supplying off-the-shelf and tailored components and assemblies.	Flowtechnology Benelux (Deventer) Flowtechnology China (Guangzhou) Flowtechnology UK (Skelmersdale) Indequip (Skelmersdale) Beaumanor (Leicester) Hydravalve (Willenhall) Primary Fluid Power Components (Knowsley) Albroco (Knowsley) Nelson Hydraulics (Dublin, Lisburn, Dungannon, UK) HTL (Ludlow) Hi-Power Hydraulics (Cork, Dublin, Belfast Manchester) Hydroflex (Brussels, Rotterdam and OudBeijerland) Hydraulic Equipment Supermarkets (Gloucester, Leeds, Birmingham, Durham) Derek Lane & Co (Newton Abbot, Devon) HES Tractec (Gloucester)
Services	Bespoke design, manufacturing, commissioning, installation and servicing of systems to manufacturers of specialised industrial and mobile hydraulic original equipment manufacturers (OEMs) and additionally a wide range of industrial end users.	Primary Fluid Power Systems (Knowsley) TSL Fluid Power (West Yorkshire) Branch Hydraulic Systems and HES Automatec (Gloucester) HES Lubemec (Gloucester) HES Onsite (Durham, Leeds, Birmingham, Gloucester) Flow Connect (Gloucester) Orange County (Spennymoor)
Both Group's divisions have overlapping product sets, allowing procurement synergies to be maximised.
The above divisions are supported by a centralised back office team based at the Skelmersdale, Lancashire, and Wilmslow, Cheshire sites in the UK and a procurement and quality control team in Shanghai, China.  In total, the business employs over 550 people.  For more information please visit, www.flowtechfluidpower.com

 

END

 

 

AGMGRGDLSSGBGCU