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 2024 is in line with management expectations.
The Advanced Engineering Systems division performed well in the first half. Notably, Booth Industries has completed the endurance testing for the HS2 tunnel “doorset” and is now planning the deployment of new and advanced manufacturing technologies, to enable full scale production in 2025. These advances mean that Booth is well placed to benefit from further contracts relating to the HS2 project, as well as possible similar projects internationally.
The Company continues to enjoy good traction in signing up distribution partners for its Medical products in the US and Europe whilst volumes are in their ramp up phase. Revenues in this division are trading in line with management expectations with more material increases in volume expected to emerge in FY26.
Steve McQuillan, CEO of Avingtrans, commented:
“I am pleased to share that the Group’s trading performance for the first half of the year aligns with expectations. The Group continues to have a strong order book going into 2025, and we expect further growth, as we benefit from favourable macro conditions in the energy, infrastructure, and healthcare sectors. We remain confident in our ability to meet market expectations for FY25 and this reflects our ongoing commitment to delivering value and achieving our strategic objectives.”
Notice of Results
Avingtrans will publish its results for the six months ended 30 November 2024 on 26 February 2025, at which time it will provide a further performance update.
