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27 Feb 2019 | 09:28

Avingtrans swings to profit as revenues bolstered by HTG acquisition

Avingtrans said Wednesday swung to a first-half profits as revenues were bolstered by the acquisition of the Hayward Tyler Group.

For the six months ended 30 November 2018, the company reported a pre-tax profit of £0.649m compared with a loss of £4.75m a year earlier as revenues jumped 77% to £47.7m.

The sharp jump in revenue was driven mainly by the inclusion of HTG for the full six months and an underlying revenue growth of 11%.

The interim dividend was increased by 7.7% to 1.4p a share.

'Our main business units are performing well. We continue to make good progress with new business - especially in nuclear. Since acquisition in February 2018, the Ormandy business has improved steadily and promises to produce a significant uplift in the value of our investment. The recent acquisition of Tecmag further cements our plans for the MRI and NMR markets.' said Roger McDowell, Chairman. 'Notwithstanding global macroeconomic uncertainties, we remain confident about our prospects in both the Energy and Medical sectors. Recent orders and prospects underpin the confidence in our outlook.'

At 9:28am: (LON:AVG) Avingtrans PLC share price was +3.5p at 213.5p

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