Business
2017 Trading Update & Notice of Full-Year Results
2017 Trading Update & Notice of Full-Year Results.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n \nRNS Number : 5928C Flowtech Fluidpower PLC 23 January 2018 \n\n\n\n\n\nNEWS RELEASE\nIssued on behalf of Flowtech Fluidpower plc\nImmediate Release \n\n\n\n\n \n \nThe 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.\n \n \nFLOWTECH FLUIDPOWER PLC\n(\"Flowtech\", the \"Group\" or \"Company\")\n2017 Trading Update \nand \nNotice of Full-Year Results\n \n\"PBT in line with expectations, whilst the Group's heightened profile and enhanced technical skills capabilities created in both the UK and Europe has ensured that opportunities for further significant expansion have continued to be presented\"\n \n \nLondon: Tuesday 23 January 2018: AIM listed specialist technical fluid power products supplier Flowtech Fluidpower plc (LSE: symbol FLO), is pleased to announce the following unaudited update on its performance for the year ended 31 December 2017 and to the period up to this announcement: \n \nGROUP Trading Update AND FINANCIALS\n \n\n\n\n\nRevenue for the Year ended 31 December\n\n\n\n\nDivisions:\n\n\n2017\nUnaudited\n£'m\n\n\n2016\nAudited\n£'m\n\n\nGrowth\n\n\n\n\nFlowtechnology\n\n\n37.1\n\n\n35.1\n\n\n6%\n\n\n\n\nPower Motion Control (PMC)\n\n\n34.5\n\n\n15.8\n\n\n118%\n\n\n\n\nProcess\n\n\n6.3\n\n\n2.9\n\n\n117%\n\n\n\n\nTotal Group revenue for the period\n\n\n77.9\n\n\n53.8\n\n\n45%\n\n\n\n\nNet debt\n\n\n14.7\n\n\n13.1\n\n\n\n\n\n\n\n \n \nGroup revenue for the year ended 31 December 2017 increased by 45% over 2016, and c.43% in constant currency. After removing the effects of acquisitions, organic sales growth in the year is c.8.0%, which is consistent with the organic growth seen in Q4. For those Profit Centres with a greater bias towards project based work, and, Primary Fluid Power (PMC) and Orange County (Process), order books for the first part of 2018 are well ahead of the same point last year. The short-term outlook therefore remains encouraging.\n \nDivisional Gross margins remain broadly in line with the prior year. As a result ...