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03 Oct 2018 | 14:07

Avingtrans losses deepen after Hayward Tyler acquisition costs

Component supplier Avingtrans booked a deeper annual loss as rising revenue was more than offset by costs associated with its acquisition of electric motor and pump producer Hayward Tyler.

Pre-tax losses for the year through May amounted to £4.5m, compared to a loss of £285k on-year.

Revenue more than tripled £78.9m. On an organic basis, which stripped out the acquisition, revenue rose 11%.

Operating loss increased to £3.8m, mainly due to the significant Hayward Tyler exceptional costs for the acquisition, 'right-sizing and restructuring' and the 'amortisation of intangibles from business combinations'.

'With an eye on eventual exits, we have restructured the Group into two separate energy divisions and an incubator medical division,' chairman Roger McDowell said.

'A highlight of FY2018 was the speedy and successful integration of the substantial Hayward Tyler Group acquisition.'

'The new energy divisional structures and management teams have become effective quickly and their focus is clearly on growth, to build two formidable and valuable divisions.'

'The nascent medical division made slower progress, though we have galvanised our strategic path by partnering on service with MR Resources.'

At 2:07pm: (LON:AVG) Avingtrans PLC share price was +13.5p at 230.5p

Story provided by StockMarketWire.com
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