Business
FY2021 Results & publication of the Annual Report
FY2021 Results & publication of the Annual Report.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3221G\n Flowtech Fluidpower PLC\n 29 March 2022\n \n \n \n \n \n \n \n \n \n \n \n NEWS RELEASE\n \n \n Issued on behalf of Flowtech Fluidpower plc\n \n \n Immediate Release\n \n \n Tuesday 29 March 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n FLOWTECH FLUIDPOWER PLC\n \n \n (\"Flowtech\", the \"Group\" or \"the Company\")\n \n \n \n \n \n A Vital Partner in the Fluid Power Supply Chain\n \n \n Flowtech Fluidpower is a Group of specialist fluid power businesses. Working in partnership with customers and suppliers, we deliver essential components, custom solutions and high-quality servicing support to keep global industry moving\n \n \n \n \n \n FY2021 RESULTS\n \n \n PUBLICATION OF THE 2021 ANNUAL REPORT\n \n \n \n \n \n \n \n \n \n \n \n \n FY2021 Financial & Operational Highlights\n \n \n \n \n \n \n \n · \n As anticipated 2021 was a year in which the business recovered strongly from the impact of the COVID-19 pandemic\n \n \n \n \n \n \n · \n Revenue was 15% up on 2020 but remained marginally below levels achieved in 2018 and 2019 \n \n \n \n \n \n \n · \n Underlying operating profit (*) of £5.7m (2020: £1.1m)\n \n \n \n \n \n \n · \n Operating profit of £3.7m was £5.1m in excess of 2020, however, remains below that achieved in 2019 (£5.7m).\n \n \n \n \n \n \n · \n The benefits of cost base restructuring activities undertaken over the last two years limited the impact of inflationary and supply chain related pressures\n \n \n \n \n \n \n ·\n Investment in inventory levels (£8.5m increase) to ensure we managed the availability of our core products\n \n \n \n \n \n \n · \n Strong progress was made with our plans to develop our e-business platform and we successfully aggregated the Flowtech businesses at the start of 2022\n \n \n \n \n \n \n ·\n 2022 expected to be the year in which the business demonstrates a full recovery and delivers growth compared to pre COVID-19. Encouraging start to the year, with revenue and gross margin ahead of expectations \n \n \n \n \n \n \n \n \n \n (*) Underlying operating profit is used as an alternative performance measure by management to assess the trading performance of the business and is operating profit be...