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 that trading in the first six months of the financial year to 30 November 2023 is in line with the Board’s expectations.
Advanced Engineering Systems Division (AES)
Furthermore, the Board is pleased to officially introduce the newly formed Advanced Engineering Systems (AES) division. The AES division has been established as an amalgamation of the Engineered Pumps and Motors (EPM) Division and the Process Solutions and Rotating Equipment (PSRE) division. Encouragingly, order intake in the newly formed division continues to be robust.
Austen Adams, formerly the managing director of the PRSE division, will assume leadership of this newly integrated division. The Board would like to extend its sincere best wishes and gratitude to Mike Turmelle, the former head of the EPM division, who has stepped down from his role and left the Company. His contributions during his tenure at Avingtrans are highly appreciated.
The consolidation of these divisions is driven by two primary objectives. Firstly, it aligns with the Group’s Pinpoint-Invest-Exit (“PIE”) model by facilitating strategic exits for the business units within the division. Secondly, it aims to present a clearer distinction of the mature engineering businesses and their overall contribution to the Group’s results.
This division contrasts significantly with the investment requirements of the earlier stage Medical and Industrial Imaging division (MII), where progress in the period by Adaptix and Magnetica remains largely on track in terms of product and market development.
Notice of Results
Avingtrans will publish its results for the six months ended 30 November 2023 on 28 February 2024, at which time it will provide a further performance update.
Steve McQuillan, CEO of Avingtrans, commented:
“I am pleased to announce that the Group’s trading performance for the first half of the year is in line with the Board’s expectations and, we are comfortable in achieving market expectations for FY24. Additionally, we are pleased to announce the formation of the new Advanced Engineering Systems (AES) division by combining the mature engineering businesses and identifying their contribution to the Group, which contrast to the investment requirements of the nascent Medical and Industrial Imaging division. We will comment further on this in our half year results in February.”
