Flowtech Fluidpower PLC Group Trading Update & Notice of Half-Year results (3049F)
July 12 2019 - 2:00AM
UK Regulatory
TIDMFLO
RNS Number : 3049F
Flowtech Fluidpower PLC
12 July 2019
NEWS RELEASE
Issued on behalf of Flowtech Fluidpower plc
Immediate Release
FLOWTECH FLUIDPOWER PLC
("Flowtech Fluidpower", the "Group" or "Company")
Group Trading Update
and
Notice of Half-year Results
"Flowtech Fluidpower has achieved further organic growth of 2.9%
and reduced net debt by GBP1.1m in H1 2019. The Group expects to
achieve another year of solid progress; results are in line with
market expectations"
London: Friday, 12 July 2019: AIM listed specialist technical
fluid power products supplier Flowtech Fluidpower plc (LSE: symbol
FLO), announces the following unaudited trading update on its
performance for the six-month financial reporting period ended 30
June 2019:
GROUP Trading Update AND FINANCIALS
HY1 2019 HY1 2018 FY 2018 Growth
Unaudited Unaudited Audited H1 2019
GBP'm GBP'm GBP'm v H1 2018
----------- ----------- ----------
Divisional revenue:
Components 50.0 46.9 6.5%
Services 9.6 9.5 1.4%
Total Group revenue for
the period 59.6 56.4 111.1 5.7%
----------- ----------- ----------
Net debt 18.8 18.0 19.9
------------------------- ----------- ----------- ---------- -----------
Group revenue during the first six months of the current year
increased by 5.7%. On a like-for-like trading days' basis organic
growth was 2.9%, the balance resulting from 2018 acquisitions.
Quarter 2 saw a reduction in organic revenue growth, relative to
Quarter 1, reflecting the wider economic conditions.
Net debt at 30 June 2019 was GBP18.8m. This represents a GBP1.1m
reduction from the position as at 31 December 2018 and compares
favourably with a net debt increase of GBP3.0m for the comparative
period in 2018. The GBP1.1m reduction in debt is after making
contingent consideration payments of GBP1.6m relating to prior year
acquisition activity.
Our continuing focus on working capital management should lead
to further debt reduction by the end of 2019.
SUMMARY
Overall, our trading in the first half is in line with full year
market expectations and we continue to expect to deliver another
year of solid progress despite less buoyant market conditions. The
Directors remain confident about the future for the Group and look
forward to updating shareholders on its cost reduction and working
capital initiatives at the time of the Half-year results.
NOTICE OF RESULTS
The Group is planning to release its Half-year results on
Tuesday, 24 September 2019. The announcement will be available to
view and download from the Company's website
www.flowtechfluidpower.com. Further information can be obtained
from TooleyStreet Communications, details of which are shown
below.
Enquiries:
FLOWTECH FLUIDPOWER PLC
Bryce Brooks, Chief Executive
Russell Cash, Chief Financial Officer
Tel: +44 (0) 1695 52796
Email: info@flowtechfluidpower.com
To read more about the Group please visit www.flowtechfluidpower.com
Zeus Capital Limited (Nominated Adviser and Joint Broker)
Andrew Jones, Alistair Donnelly (corporate finance)
Dominic King, John Goold (sales & broking)
Tel: +44 (0) 20 3829 5000
finnCap Limited (Joint Broker)
Ed Frisby, Kate Bannatyne (corporate finance)
Rhys Williams, Andrew Burdis (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 two distinct divisions:
Division: What we do: Locations:
----------- ---------------------------------------------- ----------------------------------
Components Supply of hydraulic and pneumatic Flowtechnology Benelux (Deventer)
consumables, predominantly through Flowtechnology China (Guangzhou)
distribution for urgent maintenance Flowtechnology UK (Skelmersdale)
and repair operations across all industry Indequip (Skelmersdale)
sectors. Additionally, support a broad Beaumanor (Leicester)
range of OEMs supplying off-the-shelf Hydravalve (Willenhall)
and tailored components and assemblies. Primary Fluid Power Components
(Knowsley)
Albroco (Knowsley)
Nelson Hydraulics (Dublin,
Lisburn, Dungannon, UK)
HTL (Ludlow)
Hi-Power Hydraulics (Cork,
Dublin, Belfast Manchester)
Hydroflex (Brussels, Rotterdam
and OudBeijerland)
Hydraulic Equipment Supermarkets
(Gloucester, Leeds, Birmingham,
Durham)
Derek Lane & Co (Newton Abbot,
Devon)
HES Tractec (Gloucester)
----------- ---------------------------------------------- ----------------------------------
Services Bespoke design, manufacturing, commissioning, Primary Fluid Power Systems
installation and servicing of systems (Knowsley)
to manufacturers of specialised industrial TSL Fluid Power (West Yorkshire)
and mobile hydraulic original equipment Branch Hydraulic Systems
manufacturers (OEMs) and additionally and HES Automatec (Gloucester)
a wide range of industrial end users. HES Lubemec (Gloucester)
HES Onsite (Durham, Leeds,
Birmingham, Gloucester)
Flow Connect (Gloucester)
Orange County (Spennymoor)
----------- ---------------------------------------------- ----------------------------------
Both Group's divisions have overlapping product sets, allowing procurement
synergies to be maximised.
The above divisions are supported by a centralised back office team based
at the Skelmersdale, Lancashire, and Wilmslow, Cheshire sites in the UK
and a procurement and quality control team in Shanghai, China. In total,
the business employs over 550 people. For more information please visit,
www.flowtechfluidpower.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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