Embargoed: 0700hrs 6 July 2006
Avingtrans plc
("Avingtrans" or the "Group")
Trading Statement
* Substantial improvement in sales, profit and EPS for FY 2006
* Adjusted earnings per share in line with market expectations for FY2006
* Current trading up to management expectations in start of FY2007
* New rolling two year supply agreement for MRI scanner components between
Stainless Metalcraft Limited and Siemens Medical
* New three-year supply agreement for finishing aero engine turbine blades
with Rolls Royce
* China start up with Sigma Precision Components on schedule
The Board of Avingtrans, a designer, manufacturer and supplier of critical
components and services to worldwide medical and technology industries, is
pleased to advise that trading in the twelve months to 31 May 2006 (the
"Period") will be significantly above the performance for the previous
financial year in terms of turnover, profit and earnings per share.
The Company expects adjusted earnings per share for FY2006 to be in line with
market expectations. This is despite a softening in turnover at Stainless
Metalcraft in the last quarter that resulted in lower than expected growth in
overall group sales for the Period. Whilst both the Jena Group and C&H
Precision Finishers have enjoyed higher than expected sales in the Period, the
delay in publication of a governmental report on speed cameras meant that sales
at Crown were also lower than expected.
These factors are being reversed, resulting in trading in the current year
being in line with management expectations. The Board is pleased to highlight
both the three year supply agreement for C&H Precision Finishers with Rolls
Royce plc, announced during the Period, together with a new two year supply
agreement with Siemens, a significant customer of Stainless Metalcraft.
Sigma Precision Components, based in Chengdu, Sichuan province, China, in which
Avingtrans recently acquired a 75% interest, continues to make progress towards
start up of manufacturing of aerospace components in late 2006. The
Group looks forward to another year of profitable growth.
Final Results for the twelve months to 31 May 2006 are expected to be published
on Wednesday 6 September 2006.
-Ends-
For further information please contact,
Ken Baker, Chairman
Stephen King, Finance Director
Avingtrans plc
Tel. 0115 949 9020
Ben Simons
Hansard Communications
Tel. 020 7245 1100
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