25 June 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 a positive trading update in respect of the financial year ended 31 May 2025.
The Board is pleased to report that revenue, Adjusted EBITDA¹ and Adjusted PBT are in line with recently upgraded market expectations² driven by better than anticipated performance within the Advanced Engineering Systems division. Net debt as at 31 May 2025 was approximately £12.3m, excluding IFRS16. This was better than anticipated, due to a reduction in working capital and reduced commercialisation costs in the Medical & Industrial Imaging Division.
Advanced Engineering Systems Division (AES)
The AES division achieved strong underlying results in the period and has carried this positive momentum into the new financial year, underscoring its solid performance and strategic growth ambitions. Both Hayward Tyler and Ormandy have achieved record results in the year, with robust results also reported by Metalcraft and Booth. Slack & Parr's recovery trajectory is continuing to build momentum, providing the Board with further confidence in its contribution to the Group. The Board is also seeing evidence of increasing prospects in the Defence markets with a new £3.5m MoD contract secured by HT Luton in May 2025.
Medical & Industrial Imaging Division (MII)
Developments in the MII Division continue in line with management's expectations for timelines and planned costs associated with market entry.
Adaptix continues to make progress in preparation for its forthcoming launch into the orthopaedic market, with new distributor agreements being finalised. These partnerships mark a significant step forward in building the commercial foundation for market entry.
Magnetica is maintaining steady progress toward securing 510(k) approval for its MRI system, a key milestone in its commercialisation pathway. The Group continues to engage constructively with the FDA, with technical documentation and validation work progressing in accordance with regulatory requirements. Magnetica's development activities are advancing in line with internal timelines, supported by a dedicated team focused on achieving compliance and readiness for market entry.
In light of newly implemented tariff arrangements, the Board confirms that direct exposure in AES is limited, due to regionalised supply chains and local manufacturing. Direct exposure in MII is also limited but the Board is considering various mitigation strategies. These include the ability to manufacture a greater proportion of system components within the USA, thereby reducing exposure and strengthening local supply capabilities, if required.
Notice of Results
Avingtrans expects to publish its audited results for the year ended 31 May 2025 on 24 September 2025, at which time it will provide a further performance update.
Steve McQuillan, CEO of Avingtrans, commented:
"We are pleased with the Group's continued progress, delivering strong financial performance and operational execution in line with recently upgraded expectations. The AES division enters the new financial year in a strong position, supported by substantial multi-year order cover, including over £60 million remaining on the Sellafield contract and over £30 million on HS2. The Group enters FY26 with a solid platform for growth, underpinned by expanding commercial traction and ongoing regulatory milestones. As a result, the Board views the outlook for the year ahead with confidence."
¹Adjusted to add back amortisation of intangibles from business combinations, acquisition costs, exceptional items and discontinued operations.
²Prior to today's announcement, the Company understands that market expectations for the financial year ended 31 May 2025 were: Revenue £161m, Adjusted EBITDA £16.6m, Adjusted PBT £8.0m.
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 |
| Sara Hale 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 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. Slack & Parr - Kegworth, UK, USA & China Design, manufacture and servicing of high-precision gear metering pumps, hydraulics flow dividers and industrial pumps. 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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