Avingtrans PLC (LON:AVG), which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, has announced a trading update in respect of the financial year ended 31 May 2022.
The Board is pleased to report that the results for the year ended 31 May 2022 are expected to be in line with market expectations. The Group’s year end net cash position was strong, standing at in excess of £16 million (excluding IFRS 16), following investments in the period in Magnetica, Adaptix and Transkem, compared to £23 million as at 31 May 2021. The Group’s order and prospect pipeline also remains strong.
Hayward Tyler, Inc. has secured a contract extension for the continued development of next generation molten salt pumps, under the Advanced Reactor Demonstration Program, valued at US $1.1m. This recent contract extends the program value beyond $2.5 million since June 2021. In addition to the contract extension, Hayward Tyler, Inc. became the first US company to update its ASME “N” Certifications to include Section III, Division 5 equipment. This section of the code allows for design, manufacture, and inspection of pumps and process equipment for advanced, high temperature nuclear reactors.
Avingtrans partner company, Adaptix, has filed its 510(k) premarket notification with the US FDA – allowing the company to begin marketing its Point-of-Care 3D orthopedic system in the United States. Adaptix has developed novel technologies that allow affordable, low-dose 3D imaging at the Point-of-Care using Digital Tomosynthesis (DT), to provider quicker, more accurate diagnosis possibilities. This is a significant milestone for Adaptix and trailblazes the path for Magnetica.
The Company is also pleased to have received an award for ‘Transaction of the Year’, in relation to the disposal of Peter Brotherhood in 2021, at the annual Small Cap Awards ceremony 2022. The Company has been judged amongst the best companies and participants in the small and micro-cap community across thirteen categories recognising outstanding achievement. The award is welcome recognition of the Group’s successful PIE strategy, which aims to maximise shareholder value over the long term.
Notice of Results
Avingtrans will publish its results for the twelve months ended 31 May 2022 on 28 September 2022.
The management team will be hosting a presentation for analysts on the day of results – for more information please contact Zach Cohen at IFC Advisory on [email protected]
Steve McQuillan, CEO of Avingtrans, commented:
“We are very pleased with the performance of the Group, overcoming many challenges and working tirelessly to report results for the year ended 31 May 2022 in line with market expectations. The Company has entered the new financial year with continued momentum, with strategic progress continuing and a robust pipeline of opportunites setting the foundations for solid growth for the coming year.”
About Avingtrans plc:
Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.
Business units
Hayward Tyler – Luton & East Kilbride, UK and USA, China and India
Specialises in the design, manufacture and servicing of performance-critical motors and pumps for challenging environments.
Energy Steel, Inc – Rochester Hills, Michigan, USA
Energy Steel, part of the Engineered Pumps and Motors Division of Avingtrans plc, has been serving the nuclear power industry since 1982 with capabilities in equipment fabrication, material supply, precision machining, engineering, and repair services. Through strategic OEM partnerships, it also provides solutions for obsolete nuclear components and support for the most complex projects.
Stainless Metalcraft Ltd – Chatteris, UK and Chengdu, China
Provider of safety-critical equipment for the energy, medical, science and research communities, worldwide, specialising in precision pressure and vacuum vessels and associated fabrications, sub-assemblies and systems.
Booth Industries – Bolton, UK
Designs, manufactures, installs and services doors and walls which can be tailored to be: blast &explosion proof; fireproof; acoustically shielded; high security/safety; or combinations of the above
Ormandy Group, Bradford, UK
Design, manufacturers and servicing of off-site plant, heat exchangers and other HVAC (heating, ventilation and air conditioning) products
Composite Products Ltd – Buckingham, UK
Centre for composite technology, parts and assemblies, serving customers in industrial markets.
Magnetica Ltd – Brisbane, Australia
Magnetica Limited specialises in the development of next generation MRI technologies, including dedicated extremity MRI systems and MRI system components. Magnetica has successfully built and tested a compact, integrated 3 Tesla orthopaedic MRI system, demonstrating clinical-quality imaging. Commercialisation of this system (and others) is on-going. Magnetica’s structure now includes two other business units:
Scientific Magnetics – Abingdon, UK
Designs and manufactures superconducting magnet systems and associated cryogenics for a variety of markets including MRI and provides services for Nuclear Magnetic Resonance instruments.
Tecmag Inc, Houston, USA
Designs, manufactures and installs instrumentation, including consoles, system upgrades, and probes, mainly for Magnetic Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR) systems.
