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Avingtrans revenues soar after HTG acquisition
Engineered components, systems, and services provider Avingtrans saw revenue hit £26.9m in the six months leading to 13 November, up from the £9.6m reported at the same time a year earlier, driven principally by its earlier acquisition of the Hayward Tyler Group.
Avingtrans improved its gross profit margin to 22.6% compared to 15.0% for the prior year period, guiding towards EBITDA of £1.1m for the half, with £700,000 of that coming from HTG in a single quarter.
Net debt slid by £8.2m from the £26.4m the company was in the rude at the same time one year ago.
Adjusted diluted earnings per share for swung to a profit of 0.4p, winning back losses of 0.4p made twelve months earlier, leading Avingtrans to propose an interim dividend of 1.3p per share, up 8.3%.
Avingtrans chairman Roger McDowell said, "Following the acquisition of Hayward Tyler Group for £29.5m (excluding debt and costs) we have moved swiftly to improve the operating performance of the HTG businesses."
"Restructuring is substantially complete and we are now into the investment and development phase of our stated PIE strategy. This will enable us to fully capitalise on the underlying value of the Hayward Tyler and Peter Brotherhood businesses," he added.
As of 1225 GMT, shares were untraded on 225.00p.