Flowtech Fluidpower PLC AGM Statement (4165Q)
June 06 2018 - 2:00AM
UK Regulatory
TIDMFLO
RNS Number : 4165Q
Flowtech Fluidpower PLC
06 June 2018
NEWS RELEASE
Issued on behalf of Flowtech Fluidpower plc
Wednesday, 6 June 2018
Immediate Release
FLOWTECH FLUIDPOWER PLC
("Flowtech Fluidpower" the "Group" or "Company")
2018 Annual General Meeting Statement
At today's (6 June 2018) Annual General Meeting of the Company the Chairman,
Malcolm Diamond MBE, will make the following statement:
"A busy period of acquisitions and business enhancements, the activities
of 2017 and the early part of 2018 have been the most demonstrative to
date of the Group's strategy to create a full-service fluid power provider,
strengthening its market position across the UK, Ireland and northern
Europe and delivering strong financial performance.
In our Q1 trading update we reported that Group revenue during the first
three months of the current year increased by 49.7%, of which 6.3% was
organic. In the two months since that report I can confirm that we have
continued to see this positive trading momentum.
Our acquisition programme, which includes seven completed deals in the
last seventeen months, has created new complementary services, brands,
products and customer sectors. Having made these significant enhancements,
the Group will use 2018 as an opportunity to consolidate the processes
and systems in place and start to exploit synergy opportunities in procurement,
operations and back office, as well as continue to target organic growth.
Following significant refurbishment at the Skelmersdale site, which was
largely complete towards the end of 2017, the Group created a Shared Logistics
Centre to support all subsidiaries, streamline logistics operations and
identify greater product synergies for the Group. In addition, the acquisition
of Beaumanor in March of this year immediately increased the Group's market
share within the maintenance, repair and operation (MRO) market and gave
access to a second warehouse based in the Midlands. This acquisition will
allow us to both realise greater procurement synergies and additionally
de-risk operations at the flagship distribution centre based in Lancashire.
I can also confirm that trading at Beaumanor, and its sister business,
Derek Lane, has been strong since purchase in March, and in line with
our expectations.
Starting with our 2017 acquisition of Hydroflex in the Benelux, the Board
has placed greater attention on our European businesses, investigating
the cEUR12.6bn European market, and setting firm foundations to expand
into Western Europe, which the Group will look to do in 2019 and beyond.
In summary, the Directors remain confident about the future; we fully
expect our underlying performance to deliver another year of solid progress
and we look forward to providing our next Trading Update for Q2 in early
July."
Enquiries to:
Flowtech Fluidpower plc
Malcolm Diamond MBE, Chairman
Sean Fennon, Chief Executive Officer
Bryce Brooks, Chief Financial Officer & Company Secretary
Tel: +44 (0) 1695 52796
Zeus Capital Limited (Nominated Adviser and Broker)
Andrew Jones, Alistair Donnelly (corporate finance)
Dominic King, John Goold (sales & broking)
Tel: +44 (0) 161 831 1512
finnCap Limited (Joint Broker)
Ed Frisby, Kate Bannatyne (corporate finance)
Rhys Williams, Emily Morris (sales & broking)
Tel: +44 (0) 20 7220 0500
TooleyStreet Communications (IR and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523 or email: fiona@tooleystreet.com
About Flowtech Fluidpower plc Founded as Flowtech in 1983, the Flowtech Fluidpower Group is the UK's
leading specialist supplier of technical fluid power products. The business
joined AiM in 2014. Today, the Group has four distinct divisions:
Division: What we do: Locations:
---------------- ---------------------------------- ----------------------------------
Flowtechnology focus on supplying distributors Flowtechnology Benelux (Deventer)
and resellers of industrial Flowtechnology China (Guangzhou)
MRO products, primarily serving Flowtechnology UK (Skelmersdale)
urgent orders rather than bulk Indequip (Skelmersdale)
offerings. It offers an Beaumanor (Leicester)
unrivalled
range of OEM and Exclusive
Brand products to over 5,000
distributors and resellers.
The catalogue is recognised
as the definitive source for
fluid power products, containing
100,000 individual product
lines and are distributed to
more than 80,000 industrial
MRO end users.
---------------- ---------------------------------- ----------------------------------
Power Motion Specialise in the design, Primary Fluid Power (Knowsley)
Control (PMC) assembly Nelson Hydraulics (Dublin,
and supply of engineering Lisburn, Dungannon, UK)
components TSL Fluid Power (West Yorkshire)
and hydraulic systems and is Albroco (Knowsley)
further enhanced by a service HTL (Ludlow)
and repair function. Hi-Power Hydraulics (Cork,
Dublin, Belfast Manchester)
Hydroflex (Brussels, Rotterdam
and OudBeijerland)
Hydraulic Equipment Supermarkets
(Gloucester, Leeds, Birmingham,
Durham)
Branch Hydraulic Systems
(Gloucester)
HES Tractec (Gloucester)
HES Automatec (Gloucester)
HES Lubemec (Gloucester)
Derek Lane & Co (Newton Abbot,
Devon)
---------------- ---------------------------------- ----------------------------------
Process Focus on the supply of industrial Hydravalve (Willenhall)
components and solutions to Orange County (Spennymoor)
the process sectors.
---------------- ---------------------------------- ----------------------------------
Onsite Services During 2018, the Group is HES Onsite (Durham, Leeds,
extending Birmingham, Gloucester)
its service offering to include
Onsite Technical Maintenance
through highly skilled engineers.
---------------- ---------------------------------- ----------------------------------
All four of the Group's divisions have overlapping product sets, allowing
procurement synergies to be maximised.
The above divisions are supported by a centralised back office team
at the Skelmersdale site and a procurement and quality control team
in Shanghai. In total, the business employs over 550 people. For more
information please visit, www.flowtechfluidpower.com
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END
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