Business
Preliminary Results for the year ended 31 May 2020
Preliminary Results for the year ended 31 May 2020.
About this update from Avingtrans Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5085A\n Avingtrans PLC\n 30 September 2020\n \n \n \n \n 30 September 2020\n \n \n Avingtrans plc\n \n \n (\"Avingtrans\" or the \"Group\")\n \n \n Preliminary Results for the year ended 31 May 2020 \n \n \n \n \n \n Avingtrans plc, which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, is pleased to announce its preliminary results for the twelve months ended 31 May 2020. \n \n \n \n \n \n Financial Highlights\n \n \n · \n Revenue increased by 9.5% to £113.9m (2019: £104.0m)\n \n \n o \n Underlying revenue excluding acquisitions £96.4m, subdued due to Covid-19 \n \n \n · \n Gross Margin improved to 27.8% (2019: 26.6%)\n \n \n · \n Adjusted\n \n \n 2\n \n \n \n \n \n \n \n EBITDA from continuing operations increased by 25.7% to £11.8m (20191: £9.4m)\n \n \n · \n Adjusted\n \n \n 2\n \n \n \n \n \n \n \n PBT increased to £6m (2019: £5.3m)\n \n \n · \n Adjusted\n \n \n 2\n \n \n \n \n \n \n \n Diluted earnings per share were boosted to 16.9p (2019: 14.6p)\n \n \n · \n Net Debt excluding IFRS16 £7.4m (31 May 2019: £2.0m)\n \n \n · \n Dividend suspended due to Covid-19, intention to re-instate in FY21\n \n \n · \n Guidance reinstated for FY21 and FY22\n \n \n \n \n \n \n \n 1 \n \n \n \n 2019 not restated for IFRS16\n \n \n \n \n \n 2\n \n \n \n Adjusted to add back amortisation of intangibles from business combinations, acquisition costs and exceptional items\n \n \n \n \n \n \n Operational Highlights\n \n \n \n \n \n Energy\n \n \n · \n Revenue up 11% to £102.0m (2019: £91.9m), boosted by acquisitions in the period \n \n \n · \n Aftermarket performance continuing to improve across most business units, despite Covid-19\n \n \n · \n Bolt-on acquisitions of Booth Industries and Energy Steel completed during the period\n \n \n o \n integrations of both went well during FY20, with each delivering modest maiden profits for the group (net of costs) despite both being distressed on acquisition.\n \n \n · \n Expanding orders in nuclear sector in the UK, USA and Asia\n \n \n · \n Booth has a record order book, including the £36m HS2 doors order just received\n \n \n · \n HT China won a £2.2m pump order for a concentrated solar power plant in Duba...