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 its preliminary results for the year ended 31 May 2026.
Financial Highlights
| Revenue from operations increased by 4.4% to a record £163.3m (2025: £156.4m) |
| Gross Margin increased to 32.8% (2025: 31.7%) |
| Adjusted1 EBITDA from continuing operations was slightly ahead of the previously upgraded market expectations at £20.7m (2025: £16.7m). AES recorded a 11.7% uplift in adjusted EBITDA across the division to £24.0m, offset by a smaller than forecast investment in the MII division |
| Adjusted1 PBT from operations was £12.5m (2025: £8.6m), reflecting strong underlying growth in AES results alongside lower medical costs |
| Adjusted1 diluted earnings per share from continuing operations was 31.3p (2025: 23.7p) |
| Net Debt (excluding IFRS16) at 31 May 2026 of £11.8m (31 May 2025: £12.3m), improved position ahead of market expectations |
| Final dividend of 3.1p per share proposed, resulting in a total dividend of 5.1p per share (2025: 4.9p) |
1 Adjusted to add back amortisation of intangibles from business combinations, acquisition costs and exceptional items
Operational Highlights
Energy (AES)
| Austen Adams appointed as Chief Operating Officer (COO) of the Avingtrans Group in November 2025 |
| Revenue increased by 4.1% to a record £157.6m (2025: £151.5m) |
| Adjusted1 EBITDA up 11.7% to £24.0m (2025: £21.5m) |
| Strong performance by Hayward Tyler, driven by rapid global growth in AI and data centre infrastructure, electrification of transport and links to new nuclear power requirements |
| HT Inc won $16.0m of new nuclear contracts with KHNP of South Korea |
| Positive progress made in HT Inc’s $10.0m contract with TerraPower, for novel nuclear pumps |
| Ormandy continued strong results, benefitting from growth in energy demanding AI and data centres |
| Metalcraft continues to ramp-up 3M3 box production phase for Sellafield |
| Booth won additional contracts with HS2 and TfL worth £8.5m – production ramp-up progressing |
| US tariffs in the period impacted S&P recovery, resulting in some restructuring in Q1 FY27 |
Medical (MII)
| Stuart Gall appointed as Divisional CEO of MII in January 2026 |
| Revenue increased to £5.7m (2025: £4.9m), pending build-up of new MRI and X-ray products |
| Adjusted1 LBITDA decreased to £2.2m (2025: £3.6m) as new MRI and X-ray products progress to market |
| Adaptix gained 510(k) (US FDA) and CE mark approval allowing orthopaedic system sales to commence |
| Adaptix appointed multiple distributors in the UK, USA, and Europe across three addressable market sectors |
| Adaptix won its first material NDT contract, order funnel at record high in particular for aerospace inspection |
| Magnetica continues to progress its delayed 510(k) approval process |
| SciMag seeing increased orders for magnet and cryogenic systems used in quantum computing |
Current Trading & Outlook
| In the quarter since 31 May 2026, the Group has performed in line with management expectations, with the strong momentum of FY26 continuing into FY27, bolstered by a series of contract wins in AES and MII |
| Post period end, oversubscribed £20 million net placing to provide Avingtrans with the resources to accelerate its expansion plans for Hayward Tyler, enabling it to invest to satisfy known customer demand |
| The Board remains confident about the current strategic direction and potential future opportunities across both the AES & MII divisions, whilst continually monitoring market conditions |
| We will continue to refine our business by pinpointing specific additional acquisitions as the opportunities arise, to generate superior shareholder value, whilst maintaining a conservative approach to debt |
Commenting on the results, Roger McDowell, Chairman, said:
“We are very pleased to present investors with another enhanced set of results. In challenging markets, Avingtrans has again performed robustly as a group and exceeded market expectations. We have made good use of our resources to continue with the Investment phase of our PIE strategy at Slack and Parr, Adaptix and Magnetica. This activity was, once again, supported by a record set of results in the AES division. With several of our businesses now benefitting from positive global trends in AI, data centres and, relatedly, new nuclear power, we have a strong order book moving into FY27 and, therefore, we anticipate further profitable growth as a Group this year.”
