25th May 2017 07:00
Issued on behalf of Flowtech Fluidpower PLC Thursday 25th May 2017 Immediate Release |
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
FLOWTECH FLUIDPOWER PLC (the "Group" or "Company")
2017 Annual General Meeting Statement |
At today's (25 May 2017) Annual General Meeting of the Company the Chairman, Malcolm Diamond MBE, will make the following statement:
"The Group has sustained its confidence and positive business momentum highlighted at the start of the 2017 year across all business divisions both organically and within the newly acquired operations. Margins remain in line with expectations and we expect these to be maintained due to the combination of our flexible pricing model and product mix.
"Our focus continues to be growth through both acquisitive and organic means backed up by our four-layered approach to extracting synergistic benefits over the short, medium and long term. This targeted approach ensures we can achieve both a concentration and enhancement to our product set which is the core of our business model.
"Following our successful capital raising at the end of March, we are actively pursuing a pipeline of interesting opportunities that will add value and enhance our current brand portfolio and offering. We are confident that we will be able to complete a number of these transactions over the coming months.
"In summary, the Directors remain confident about the future; we fully expect our underlying performance to deliver another year of solid progress and, we remain on track to meet current market expectations for the year ending 31 December 2017.
"We look forward to providing our next Trading update for Q2 in early July."
Enquiries: | |||
Flowtech Fluidpower plc Sean Fennon, Chief Executive Officer Bryce Brooks, Chief Financial Officer Tel: +44 (0) 1695 52796 AIM: symbol: FLO email: [email protected] website: www.flowtechfluidpower.com | |||
Zeus Capital Limited (Nominated Adviser and Broker) Andrew Jones, Jonathan Sharp (corporate finance) Dominic King, John Goold (sales & broking) Tel: +44 (0) 203 829 5000
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: [email protected] | |||
EDITORS' NOTE
Flowtech Fluidpower plc, founded as Flowtech in 1983, is the UK's leading specialist supplier of technical fluid power products. The Group has three divisions: Flowtechnology, Power Motion Control and Process. All three of the Group's divisions have overlapping product sets, allowing procurement synergies to be maximised.
The Flowtechnology division focuses on supplying distributors and resellers of industrial MRO (maintenance, repair and operation) products, primarily serving urgent orders rather than bulk offerings. It is formed from Flowtechnology UK, Flowtechnology Benelux and Indequip. It offers an unrivalled range of Original Equipment Manufacturer (OEM) and Exclusive Brand products to over 3,400 distributors and resellers and the catalogues are recognised as the definitive source for fluid power products, containing 100,000 individual product lines and are distributed to more than 80,000 industrial Maintenance, Repair and Overhaul end users (MRO). The Power Motion Control division specialises in the design, assembly and supply of engineering components and hydraulic systems and is further enhanced by a service and repair function. The division is formed from Primary Fluid Power, Nelson Hydraulics, TSL Fluidpower and HTL. The Process division focuses on the supply of industrial components to the process sectors.
The Group's main distribution centre is in Skelmersdale, Lancashire with further distribution centres in the Netherlands and China. The Power Motion Control division (PMC) has operations in Merseyside, Northern Ireland, the Republic of Ireland, Shropshire and Yorkshire; Process operates from the West Midlands. In total the business employs over 300 people. |
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