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On 16 January 2023, Avingtrans PLC announced its trading for the six months ended 30 November 2022 was in line with market expectations, with results to be published on 22 February 2023. Its business unit, Ormandy Group, acquired the businesses and assets of Hevac Limited and HeatExchangeSpares.com for an expected total consideration of £825,000, funded from existing cash resources. In their latest reported financial year ended December 2021, the acquired businesses generated combined sales of £5.3 million, a pre-tax loss of £0.3 million, and had gross assets totalling £750,000.
| Date | 16 Jan 2023 |
| Time | 07:00:03 |
| Category | Trading updates |
| ID | 7305M |
16 January 2023
Avingtrans Plc
("Avingtrans", the "Company", or the "Group")
Trading Update, Acquisitions and Notice of Results
Avingtrans PLC (AIM: AVG), which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, announces that trading in the first 6 months of the financial year to 30 November 2022 was in line with market expectations.
Notice of Results
Avingtrans will publish its results for the 6 months ended 30 November 2022 on 22 February 2023, at which time it will provide a further performance update.
Acquisitions
In addition, the Board is delighted to announce that Avingtrans' business unit, Ormandy Group, which designs, manufactures and services off-site plant, heat exchangers and other HVAC (heating, ventilation and air conditioning) products, has acquired the business and assets of Hevac Limited ("Hevac"), a heating ventilation and air conditioning solutions provider based in Elland, Yorkshire and the business and assets of HeatExchangeSpares.com ("HES") a plates and gaskets supplier, based in Watford (together the "Acquisitions"). The total consideration for the Acquisitions is expected to be £825k which will be funded from the Group's existing cash resources. In the latest reported financial year, ended December 2021, the combined businesses and assets generated £5.3m of sales and a loss before tax of £0.3m. Gross assets acquired total £750k.
The Acquisitions will complement Ormandy Group's operations and expand its product range. Both Hevac and HES are established names in the HVAC industry with strong reputations for supplying quality systems and spares for commercial and public buildings around the world.
Steve McQuillan, CEO of Avingtrans, commented:
"Despite the continuing difficult operating environment, I am pleased to report that Group trading is in line with management expectations for the half year. I am also delighted that Austen Adams and his team in the PSRE division have completed the acquisitions of Hevac and HES. These businesses strengthen Ormandy's offering as a leading provider of offsite and heat exchange solutions to commercial and industrial customers in the UK and internationally. The Acquisitions will also enable us to take greater control over our supply chain and release untapped potential in the market, to further strengthen our position."
Enquiries:
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Avingtrans plc |
01354 692391 |
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Roger McDowell, Chairman Steve McQuillan, Chief Executive Officer Stephen King, Chief Financial Officer |
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Singer Capital Markets (Nominated Adviser and Broker) |
02074 963000 |
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Shaun Dobson Alex Bond Oliver Platts |
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IFC Advisory (Financial PR) |
020 3934 6630 |
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Graham Herring Tim Metcalfe Zach Cohen |
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About Avingtrans plc:
Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.
Business units
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Hayward Tyler - Luton & East Kilbride, UK and USA, China and India Specialises in the design, manufacture and servicing of performance-critical motors and pumps for challenging environments. Energy Steel, Inc - Rochester Hills, Michigan, USA Energy Steel, part of the Engineered Pumps and Motors Division of Avingtrans plc, has been serving the nuclear power industry since 1982 with capabilities in equipment fabrication, material supply, precision machining, engineering, and repair services. Through strategic OEM partnerships, it also provides solutions for obsolete nuclear components and support for the most complex projects. Stainless Metalcraft Ltd - Chatteris, UK and Chengdu, China Provider of safety-critical equipment for the energy, medical, science and research communities, worldwide, specialising in precision pressure and vacuum vessels and associated fabrications, sub-assemblies and systems. Booth Industries - Bolton, UK Designs, manufactures, installs and services doors and walls which can be tailored to be: blast &explosion proof; fireproof; acoustically shielded; high security/safety; or combinations of the above Ormandy Group, Bradford, UK Design, manufactures and servicing of off-site plant, heat exchangers and other HVAC (heating, ventilation and air conditioning) products Composite Products Ltd - Buckingham, UK Centre for composite technology, parts and assemblies, serving customers in industrial markets. Magnetica Ltd - Brisbane, Australia Magnetica Limited specialises in the development of next generation MRI technologies, including dedicated extremity MRI systems and MRI system components. Magnetica has successfully built and tested a compact, integrated 3 Tesla orthopaedic MRI system, demonstrating clinical-quality imaging. Commercialisation of this system (and others) is on-going. Magnetica's structure now includes two other business units: Scientific Magnetics - Abingdon, UK Designs and manufactures superconducting magnet systems and associated cryogenics for a variety of markets including MRI and provides services for Nuclear Magnetic Resonance instruments. Tecmag Inc, Houston, USA Designs, manufactures and installs instrumentation, including consoles, system upgrades, and probes, mainly for Magnetic Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR) systems. |