26th Feb 2025 10:30
(Alliance News) - Avingtrans PLC on Wednesday reported higher revenue and profit for the first half of its financial year, maintaining confidence in meeting full-year market expectations.
Shares in Avingtrans were up 4.3% at 364.89 pence in London on Wednesday morning.
The Cambridgeshire, England-based designer and supplier of components and services to the energy, medical and industrial sectors said revenue for the six months that ended November 30 rose 21% to GBP79.0 million from GBP65.2 million a year earlier, driven by growth in its Advanced Engineering Systems division.
Pretax profit increased 13% to GBP3.8 million from GBP3.4 million, while diluted earnings per share rose to 10.0 pence from 8.6p. Avingtrans declared an interim dividend of 1.9p per share, up from 1.8p the year prior.
Chair Roger McDowell said: "Another robust first half performance from the Advanced Engineering Systems division propelled the group to record H1 revenues, with AES also registering a record H1 earnings before interest, taxes, depreciation, and amortisation, notably driven by global energy demand, in turn driven by the underlying rapid global growth in datacentre infrastructure and electric vehicles."
Revenue in the AES division rose 21% to GBP76.8 million from GBP63.7 million, supported by strong aftermarket activity and demand for nuclear and energy-related products. Avingtrans highlighted the contracts secured by subsidiary Hayward Tyler, including a USD10 million deal with TerraPower for novel nuclear pumps.
Meanwhile, the Medical & Industrial Imaging division saw revenue rise to GBP2.2 million from GBP1.5 million, as Avingtrans continued its investment in Adaptix and Magnetica. Adaptix launched initial product sales and appointed distributors in the UK and the US, while Magnetica is advancing its compact MRI system and plans to submit a regulatory application in the second half of 2025.
Avingtrans said its order book already covers more than 95% of expected revenue for the current financial year, with over GBP100 million secured for future years.
The company reiterated its Pinpoint-Invest-Exit strategy, which involves acquiring, developing, and selling engineering businesses at advantageous valuations. It remains open to further acquisitions while continuing to invest in core operations.
Chair McDowell said: "We have solid visibility over the second half of financial 2025 revenue and profits, thanks to an ongoing strong order intake and timely contract revenue recognition. Therefore, the board continues to be confident about the group expectations for the full year and views the future positively."
By Eva Castanedo, Alliance News reporter
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