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26 Jun 2019 | 13:49

Avingtrans sees revenue, profit beating current market expectations

Energy and medical sector equipment provider Avingtrans said it expected its annual revenue and profits to come in ahead of market expectations.

Revenue for the year through May was expected to reach £104m, which the company said was 8% ahead of expectations.

Operating profit was expected at around £5.8m, while pre-tax profit was epected at around £5.2m, some 18% and 21% above forecasts, respectively.

Avingtrans said it had seen a sustained improvement in performance at the Hayward Tyler business that it acquired in September 2017.

The engineered pumps and motors division had secured a number of key contracts, the company added.

Avingtrans also confirmed that its that it had acquired US-based Energy Steel & Supply to add to the Hayward Tyler deal.

'Avingtrans anticipates that these acquisitions, when taken together, will positively impact the group's revenue forecast for FY20, with the impact on profitability expected to deliver in FY21 and beyond,' the company said.

At 1:49pm: (LON:AVG) Avingtrans PLC share price was +26p at 252.5p

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