25th Sep 2013 09:36
LONDON (Alliance News) - Avingtrans PLC Wednesday said it saw a significant increase in pretax profit for the year ended May 31 thanks to strong revenues, driven by its Aerospace division.
Avingtrans, which sells engineering components, systems and services to the aerospace, energy, medical and traffic-management industries, said it made a GBP1.3 million pretax profit for the year to May 31, compared with GBP8,000 the year prior.
Total revenue increased 41% to GBP45.3 million after Avingtrans's Aerospace division signed agreements worth GBP125 million over ten years. Revenue from the Aerospace division increased 70% to GBP29.1 million from GBP17.1 million last year.
Avingtrans also said its Energy & Medical arm saw revenues increase by 7.0%, which it described as a modest recovery, driven by GBP3.5 million in new orders from companies such as Porvair PLC.
Avingtrans shares were Wednesday quoted at 140.00 pence, up 2.00 pence, or 1.5%.
By Samuel Agini; [email protected]; @samuelagini
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