Business
Interim Statement
Interim Statement.
About this update from Avingtrans Plc
[{"type":"text","content":"\n RNS Number : 9081A Avingtrans PLC 09 February 2011 \n \n\n \n \nAvingtrans plc\n \n(\"Avingtrans\" or the \"Group\")\n \nInterim results for the six months ended 30 November 2010\n \nAvingtrans plc, which designs, manufactures and supplies critical components and associated services to the medical, energy, industrial and global aerospace sectors, today announces its interim results for the six months ended 30 November 2010. \n \nFinancial Highlights (vs previous half year, except where stated)\n \n· Turnover increased by 25% to £16.9m (H1 2010: £13.5m)\n· Gross profit margin increased to 28.8% (H1 2010: 22.6%) \n· EBITDA improved by 50% to £1.5m (H1 2010: £1.0m)\n· Fully diluted, adjusted1 EPS of 1.8 pence per share (H1 2010: 1.2 pence per share) \n· Cash generated from operations reduced to £0.9m (H1 2010: £2.6m)\n· Gearing reduced further to 34% (2010 year end: 36%)\n \n1 - fully diluted earnings per share adjusted to add back amortisation and exceptional items\n \nOperational highlights\nThe improving picture across our divisions produced a crop of highlights, including the following:\n \n· Sigma China broke into profit over the first six months of this financial year;\n· Sigma's recent new long term contract wins are ramping-up well and helping to drive better results - eg: ITA; Eaton; Meggitt\n· C&H is introducing new equipment and capabilities for on-going business expansion\n· Having signed up the Siemens next generation MRI product supply contract, Metalcraft is on-track to commence volume production next year (worth £5m pa from 2012);\n· Crown won further industry awards for its novel motorway signage pole, but new orders are delayed awaiting decisions on letting of government motorway infrastructure contracts;\n· In January, post half-year end, Jena Tec won its largest single contract to date, worth £1.8m over 3 years for a European medical equipment OEM, starting in FY12\n· Jena Tec experienced strong first half demand in global orders and an encouraging financial performance.\n&n...