Business
2023 Half-year report
2023 Half-year report.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n\nWEDNESDAY, 30 AUGUST 2023\n \n \nFLOWTECH FLUIDPOWER PLC\n(\"Flowtech\", the \"Group\" or \"Company\")\n \n \n\"a world of motion\"\n\n\n\nOur aim is to provide our customers with power, motion & control solutions, from a single component to integrated engineering systems, in the most cost-effective way, harnessing the best global brands & products, services and engineers in the market.\n\n\n\n \n \n2023 HALF-YEAR REPORT\nFor the six months ended 30 June 2023\n \n \n\n\n\n\"Despite increasingly challenging economic conditions, overall Group revenue increased by 2.8% in the period with a more positive performance in our solutions and services segments and a weaker performance in the product distribution segment, as previously reported. We have continued to make positive progress on working capital management, continuing to improve our debt position whilst maintaining tight cost controls. \n \nWe expect these market headwinds to continue through H2 23 and into 2024 but I am pleased to report good progress is being made in deploying an immediate performance improvement plan and the refreshed strategy, strengthening the leadership team and simplifying the operating model building the capabilities to deliver mid-term scalable growth in a highly fragmented market.\"\n \nMike England, Chief Executive Officer\n\n\n\n \n \n\n\n\n \nTRADING AND OPERATIONAL HIGHLIGHTS\n\n\n\n\n \n· Revenue increased by 2.8% with varying performance across segments\n· Sustained strong gross margin of 35.5% (H1 22 36.3%)\n· Inflationary pressures partially offset by cost savings initiatives\n· Underlying operating profit of £3.4m, a decrease of £0.9m on the comparative period\n· £4.3m decrease in net debt (pre-leases)\n\n\n\n \n \n\n\n\n \n \nFINANCIAL HIGHLIGHTS\n\n\nHalf year ended\n30 June 2023\nUnaudited\n\n\nHalf year ended\n30 June 2022\nUnaudited\n\n\nYear ended\n31 December 2022\nAudited\n\n\n\n\n· Revenue\n\n\n£59.1m\n\n\n£57.5m\n\n\n£114.8m\n\n\n\n\n· Gross profit %\n\n\n35.5%\n\n\n36.3%\n\n\n35.7%\n\n\n\n\n·  ...