Business
Group Trading Update & Notice of Interim Results
Group Trading Update & Notice of Interim Results.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n\nNEWS RELEASE\n \n \nIssued on behalf of Flowtech Fluidpower plc\nImmediate Release\n \n \n \n \nFLOWTECH FLUIDPOWER PLC\n(the \"Group\")\nGroup Trading Update\nand\nNotice of Interim Results\n \n \nLondon: Tuesday, 30 July 2024: AIM listed Flowtech Fluidpower plc (LSE: FLO), the specialist technical provider of fluid power and motion control products and engineering services provides a trading update for the six months ended 30 June 2024 (H1 2024).\n \nGROUP Trading Update\nThe first half delivered profit performance in line with expectations with further improvements made to gross margins, cost control and overall service levels, offsetting more challenging market headwinds which have impacted top line growth. Revenue reduced by 5.5% compared with H1 2023 but with more positive momentum of 4.9% growth against the second half of last year, underpinned by continued progress in executing the Performance Improvement Plan. Further progress is anticipated during the second half as we see benefits of these improvement actions together with an expectation of a slow market recovery.\n \n\n\n\n\n \n\n\n \nH1 2024\nUnaudited\n£m\n\n\n \nH1 2023 Unaudited\n£m\n\n\n \n FY 2023* Audited\n£m\n\n\nChange\nH1 2024\nv\nH1 2023\n\n\n \nH2 2023 Unaudited\n£m\n\n\nChange\nH1 2024\nv\nH2 2023\n\n\n\n\nSegment revenue:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGreat Britain\n\n\n38.3\n\n\n40.7\n\n\n77.4\n\n\n-5.9%\n\n\n36.7\n\n\n4.4%\n\n\n\n\nIreland\n\n\n11.8\n\n\n12.5\n\n\n24.1\n\n\n-5.5%\n\n\n11.6\n\n\n1.4%\n\n\n\n\nBenelux\n\n\n5.6\n\n\n5.8\n\n\n10.6\n\n\n-2.9%\n\n\n4.8\n\n\n16.8%\n\n\n\n\nTotal Group revenue or the period\n\n\n55.7\n\n\n59.0\n\n\n112.1\n\n\n-5.5%\n\n\n53.1\n\n\n4.9%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet debt **\n\n\n13.5\n\n\n15.4\n\n\n14.7\n\n\n-1.9\n\n\n\n\n\n-1.2\n\n\n\n\n \nNotes:\n*.To show like for like comparisons, the split of revenue by segment in the FY23 figures has been adjusted to reflect that certain elements of Irish revenues are now being controlled by Irish management\n** Net debt is bank debt; this excludes lease liabilities under IFRS 16.\n \n \nPre IFRS 16 net debt was £13.5m as at 30 June 2024 (H1 2023: £15.4m), a reduction of £1.9m in the past year, leaving an unutilised £1...