Trading Update and Notice of Results

RNS Number : 6558A

Avingtrans PLC

23 January 2020

 

23 January 2020

Avingtrans Plc

("Avingtrans" or "The Group")

Trading update and notice of interim results

Avingtrans PLC (AIM: AVG), the international engineering group, which designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy and medical sectors, is pleased to announce it has continued to perform well in the first half of the financial year and is trading in line with market expectations.

The order and prospect pipeline remains robust. Recent notable orders secured include:

·    A £2m order for Hayward Tyler China, for pumps to be installed at a major new concentrated solar power plant in Dubai - an important foothold in this growing renewable energy sector and the biggest order to date for HT in China.

·    A record £1m order for Fluid Handling, Scotland, from Sellafield Limited, for remote maintenance valves,  to be used on nuclear waste reprocessing equipment.

·    A £2m order for Peter Brotherhood, for additional steam turbines in the defence market, as part of a long-standing framework agreement.

The recent acquisitions of Booth and Energy Steel (both completed in June 2019) are responding to their Avingtrans recovery programmes well and are integrating as anticipated, with strong order books already secured and healthy prospect pipelines. With the support and guidance of the Group, these two businesses have been experiencing steadily improving performance trends, as they recuperate from previously constrained positions.

The Group will publish its results for the six months ended 30 November 2019 on Wednesday 26 February 2020.

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.

Enquiries:

Avingtrans plc	01354 692391
Roger McDowell, Chairman Steve McQuillan, Chief Executive Officer Stephen King, Chief Financial Officer
N+1 Singer (Nominated Adviser)	02074 963000
Shaun Dobson Lauren Kettle
Newgate (Financial PR)	02076 539850
Adam Lloyd Tom Carnegie

About Avingtrans:

Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.

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.

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 - Lapeer, Michigan, USA

Provider of custom fabrications for the nuclear industry, specialising in: OEM parts obsolescence; custom component fabrication; 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 specialist doors and walls which can be tailored to be: blast and 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.

Peter Brotherhood - Peterborough, UK

Specialises in the design, manufacture and servicing of performance-critical steam turbines, turbo gen-sets, compressors, gear boxes and combined heat and power systems.

Composite Products Ltd - Buckingham, UK

Centre for composite technology, parts and assemblies, serving customers in industrial markets.

Scientific Magnetics - Abingdon, UK

Designs and manufactures superconducting magnet systems and associated cryogenic systems for a variety of markets including MRI and provides service and support for Nuclear Magnetic Resonance instruments.

Tecmag Inc - Houston, USA

Designs, manufactures, tests and installs instrumentation, including full consoles, system upgrades, and solid-state probes, mainly for Magnetic Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR) systems.

Crown International Ltd - Portishead, UK

Designs and manufactures market-leading pole and support systems for roadside signage and safety cameras, rail track signalling and gantries. 

 

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