23rd Oct 2018 09:36
LONDON (Alliance News) - Flowtech Fluidpower PLC on Tuesday said its revenue grew by more than a half in the first nine months of 2018, but it remains cautions about overall growth rates for the fluid power market in 2019.
The technical fluid power products supplier reported a 54% rise in revenue for the nine months to the end of September to GBP83.7 million compared to GBP54.5 million generated in the same period a year ago.
On a divisional basis, Power Motion Control unit performed particularly well, with revenue almost doubling to GBP42.9 million from GBP21.7 million year-on-year. Meanwhile, revenue in Flowtechnology division increased by 23% to GBP34.8 million and revenue in Process unit grew by a third to GBP6.0 million.
However, Flowtech Fluidpower noted that the result was mostly boosted by acquisitions, with 6.7% organic revenue growth in the period.
Looking forward, the company said it remains confident in outlook for the future growth as it intends to focus on investments that can deliver sustained operational improvements, procurement benefits, and wider group synergies.
"The buoyant conditions seen in the first half have now given way to a steadier pace of growth," Flowtech said in the statement.
"The board remains positive, although cautious, about overall growth rates for the fluid power market as we move into 2019," the company added.
Flowtech Fluidpower shares were up 4.4% on Tuesday at 119.00 pence each.
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