Avingtrans PLC Trading Update, Acquisitions and Notice of Results (7305M)
January 16 2023 - 2:00AM
UK Regulatory
TIDMAVG
RNS Number : 7305M
Avingtrans PLC
16 January 2023
16 January 2023
Avingtrans Plc
("Avingtrans", the "Company", or the "Group")
Trading Update, Acquisitions 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 6 months of the financial year to 30
November 2022 was in line with market expectations.
Notice of Results
Avingtrans will publish its results for the 6 months ended 30
November 2022 on 22 February 2023, at which time it will provide a
further performance update.
Acquisitions
In addition, the Board is delighted to announce that Avingtrans'
business unit, Ormandy Group, which designs, manufactures and
services off-site plant, heat exchangers and other HVAC (heating,
ventilation and air conditioning) products, has acquired the
business and assets of Hevac Limited ("Hevac"), a heating
ventilation and air conditioning solutions provider based in
Elland, Yorkshire and the business and assets of
HeatExchangeSpares.com ("HES") a plates and gaskets supplier, based
in Watford (together the "Acquisitions"). The total consideration
for the Acquisitions is expected to be GBP825k which will be funded
from the Group's existing cash resources. In the latest reported
financial year, ended December 2021, the combined businesses and
assets generated GBP5.3m of sales and a loss before tax of GBP0.3m.
Gross assets acquired total GBP750k.
The Acquisitions will complement Ormandy Group's operations and
expand its product range. Both Hevac and HES are established names
in the HVAC industry with strong reputations for supplying quality
systems and spares for commercial and public buildings around the
world.
Steve McQuillan, CEO of Avingtrans, commented :
"Despite the continuing difficult operating environment, I am
pleased to report that Group trading is in line with management
expectations for the half year. I am also delighted that Austen
Adams and his team in the PSRE division have completed the
acquisitions of Hevac and HES. These businesses strengthen
Ormandy's offering as a leading provider of offsite and heat
exchange solutions to commercial and industrial customers in the UK
and internationally. The Acquisitions will also enable us to take
greater control over our supply chain and release untapped
potential in the market, to further strengthen our position."
Enquiries:
Avingtrans plc 01354 692391
Roger McDowell, Chairman
Steve McQuillan, Chief Executive Officer
Stephen King, Chief Financial Officer
Singer Capital Markets (Nominated Adviser
and Broker) 02074 963000
Shaun Dobson
Alex Bond
Oliver Platts
IFC Advisory (Financial PR) 020 3934 6630
Graham Herring
Tim Metcalfe
Zach Cohen
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 and 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
Energy Steel, part of the Engineered Pumps and Motors Division of
Avingtrans plc, has been serving the nuclear power industry since
1982 with capabilities in equipment fabrication, material supply,
precision machining, engineering, and repair services. Through strategic
OEM partnerships, it also provides solutions for obsolete nuclear
components and support for the most complex projects.
Stainless Metalcraft Ltd - Chatteris, UK and Chengdu, China
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 &explosion proof; fireproof; acoustically
shielded; high security/safety; or combinations of the above
Ormandy Group, Bradford, UK
Design, manufactures 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.
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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