16 January 2025
Avingtrans plc
("Avingtrans", the "Company", or the "Group")
Trading Update and Notice of Results
Avingtrans PLC (AIM: AVG), which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, announces that trading in the first six months of the financial year to 30 November 2024 is in line with management expectations.
The Advanced Engineering Systems division performed well in the first half. Notably, Booth Industries has completed the endurance testing for the HS2 tunnel "doorset" and is now planning the deployment of new and advanced manufacturing technologies, to enable full scale production in 2025. These advances mean that Booth is well placed to benefit from further contracts relating to the HS2 project, as well as possible similar projects internationally.
The Company continues to enjoy good traction in signing up distribution partners for its Medical products in the US and Europe whilst volumes are in their ramp up phase. Revenues in this division are trading in line with management expectations with more material increases in volume expected to emerge in FY26.
Steve McQuillan, CEO of Avingtrans, commented:
"I am pleased to share that the Group's trading performance for the first half of the year aligns with expectations. The Group continues to have a strong order book going into 2025, and we expect further growth, as we benefit from favourable macro conditions in the energy, infrastructure, and healthcare sectors. We remain confident in our ability to meet market expectations for FY25 and this reflects our ongoing commitment to delivering value and achieving our strategic objectives."
Notice of Results
Avingtrans will publish its results for the six months ended 30 November 2024 on 26 February 2025, at which time it will provide a further performance update.
Enquiries:
| Avingtrans plc | 01354 692 391 |
| Roger McDowell, Chairman Steve McQuillan, Chief Executive Officer Stephen King, Chief Financial Officer
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| Singer Capital Markets (Nominated Adviser and Broker) | 020 7496 3000 |
| Shaun Dobson Alex Bond Oliver Platts |
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IFC Advisory (Financial PR) |
020 3934 6630 |
| Graham Herring Tim Metcalfe Zach Cohen |
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About Avingtrans plc:
Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.
Business units
| Hayward Tyler - Luton, East Kilbride & Nottingham, UK, USA, China and India
Specialises in the design, manufacture and servicing of performance-critical motors and pumps for challenging environments.
Energy Steel, Inc - Rochester Hills, Michigan, USA
Provider of custom fabrications for the nuclear industry, specialising in: OEM parts obsolescence; custom fabrications; engineering design solutions; product refurbishment; on-site technical support.
Stainless Metalcraft Ltd - Chatteris, UK
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 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.
Composite Products Ltd - Buckingham, UK
Centre for composite technology, parts and assemblies, serving customers in industrial markets.
Adaptix Ltd - Oxford, UK
Adaptix has developed novel 3D X-ray for Orthopaedic and Veterinary applications amongst others. Commercialisation of this system (and others) is on-going.
Magnetica Ltd - Brisbane, Australia
Magnetica Limited specialises in the development of next generation MRI technologies, including dedicated extremity MRI systems and MRI system components. Magnetica has successfully built and tested a compact, integrated 3 Tesla orthopaedic MRI system, demonstrating clinical-quality imaging. Commercialisation of this system (and others) is on-going. Magnetica's structure now includes two other business units:
Scientific Magnetics - Abingdon, UK
Designs and manufactures superconducting magnet systems and associated cryogenics for a variety of markets including MRI and provides services for Nuclear Magnetic Resonance instruments.
Tecmag Inc - Houston, USA
Designs, manufactures and installs instrumentation, including consoles, system upgrades, and probes, mainly for Magnetic Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR) systems. |
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