Business
Trading update & Notice of Half-year results
Trading update & Notice of Half-year results.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n\n\n\n\nNEWS RELEASE\nIssued on behalf of Flowtech Fluidpower plc\nImmediate Release\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 as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019. 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 \nLondon: Monday, 31 July 2023\n \n \n \nFLOWTECH FLUIDPOWER PLC\n(the \"Group\")\nGroup Trading Update and Notice of Interim Results\n \n \nFlowtech 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 2023 (HY1 2023).\n \nGROUP Trading Update\nOverall Group revenue has grown by 2.6% in the period with a mixed performance between the divisions. The Solutions and Services divisions have continued to operate well, showing strong growth, however, the performance of the Flowtech division has been disappointing with a decline in revenue of 5.7%. Given the lower gross margins in the Solutions and Services divisions and the underperformance of the Flowtech division, Group EBITDA in HY1 2023 is behind Board expectations.\n \n\n\n\n\n\n\nHY1 2023\n\n\nHY1 2022\n\n\nFY2022\n\n\ncHANGE\n\n\n\n\nUnaudited\n\n\nUnaudited (+)\n\n\nAudited (+)\n\n\nHY1 2023 v HY1 2022\n\n\n\n\n£m\n\n\n£m\n\n\n£m\n\n\n\n\n\n\n\nSegment revenue:\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\nFlowtech\n\n\n26.6\n\n\n28.2\n\n\n53.3\n\n\n-5.7%\n\n\n\n\nFluidpower Group Solutions\n\n\n22.0\n\n\n19.8\n\n\n40.4\n\n\n11.2%\n\n\n\n\nFluidpower Group Services\n\n\n10.4\n\n\n9.5\n\n\n21.1\n\n\n9.5%\n\n\n\n\nTotal Group revenue for the period\n\n\n59.0\n\n\n57.5\n\n\n114.8\n\n\n2.6%\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\n15.6\n\n\n19.7\n\n\n16.0\n\n\n£4.1m\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(*) Net debt is Bank debt less cash and cash equivalents. It excludes lease liabilities under IFRS16.\n(+) From January 2023 certain business which was previously accounted for within Flowtech was transferred to Solutions. T...