Business
Group Trading Update & Notice of HY Results
Group Trading Update & Notice of HY Results.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n \nRNS Number : 8111U Flowtech Fluidpower PLC 17 July 2018 \n\n\n\n\nNEWS RELEASE\nIssued on behalf of Flowtech Fluidpower plc\nImmediate Release \n \n\n\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 Fluidpower\", the \"Group\" or \"Company\")\nGroup Trading Update \nand \nNotice of Half-year Results\n \n\"Flowtech Fluidpower has successfully expanded its footprint, technical skills, customer base and profile in the UK & Europe\"\n\"Gross margins remain strong - Acquisitions contribute strongly to HY1 revenues - the Group expects its underlying performance to deliver another year of solid progress\"\n \n \n \nLondon: Tuesday, 17 July 2018: AIM listed specialist technical fluid power products supplier Flowtech Fluidpower plc (LSE: symbol FLO), is pleased to announce the following unaudited trading update on its performance for the six-month financial reporting period ended 30 June 2018: \n \nGROUP Trading Update AND FINANCIALS\n \n\n\n\nRevenue for the period ended 30 June \n\n\n\n\nDivisions:\n\n\nHY1 2018\nUnaudited\n£'m\n\n\nHY1 2017\nUnaudited\n£'m\n\n\nGrowth\n\n\n\n\nFlowtechnology\n\n\n23.5\n\n\n19.3\n\n\n21%\n\n\n\n\nPower Motion Control (PMC)\n\n\n29.0\n\n\n12.7\n\n\n129%\n\n\n\n\nProcess\n\n\n4.0\n\n\n2.1\n\n\n91%\n\n\n\n\nTotal Group revenue for the period\n\n\n56.5\n\n\n34.2\n\n\n66%\n\n\n\n\nNet debt\n\n\n17.5\n\n\n8.3\n\n\n\n\n\n\n \nGroup revenue during the first six months of the current year increased by 66%, of which 9.1% was organic with the balance coming from operations acquired in the reporting periods. General conditions in our main market of the UK remain positive with recent reported growth from our industry body, BFPA of 6.7%†, most of this advance being driven by product price increases across the sector. Similar conditions are being experienced in our European operations. In addition to this, we have continued to see commercial benefit being created by the inte...