# Flowtech Fluidpower expects another year of solid progress

- Link: https://www.directorstalkinterviews.com/flowtech-fluidpower-expects-another-year-of-solid-progress/412787598
- Published: 2019-07-12T07:12:24+01:00
- Author: Giles Arbor

**Flowtech Fluidpower plc** (LON: FLO) the AIM listed specialist technical fluid
power products supplier, announced today the following unaudited trading update 
on its performance for the six-month financial reporting period ended 30 June 2019:

|    | HY1 2019Unaudited£’m | HY1 2018Unaudited£’m |  FY 2018Audited£’m | GrowthH1 2019 v H1 2018 | 
| Divisional revenue: | 
 |  |  |  | 
| Components | 50.0 | 46.9 |  | 6.5% | 
| Services | 9.6 | 9.5 |  | 1.4% | 
| Total Group revenue for the period | 59.6 | 56.4 | 111.1 | 5.7% | 
| Net debt | 18.8 | 18.0 | 19.9 |  |

**GROUP TRADING UPDATE AND FINANCIALS**

Group revenue during the first six months of the current year increased by 5.7%.
On a like-for-like trading days’ basis organic growth was 2.9%, the balance resulting
from 2018 acquisitions. Quarter 2 saw a reduction in organic revenue growth, relative
to Quarter 1, reflecting the wider economic conditions.

Net debt at 30 June 2019 was £18.8m. This represents a £1.1m reduction from the 
position as at 31 December 2018 and compares favourably with a net debt increase
of £3.0m for the comparative period in 2018. The £1.1m reduction in debt is after
making contingent consideration payments of £1.6m relating to prior year acquisition
activity.

Our continuing focus on working capital management should lead to further debt reduction
by the end of 2019.

**SUMMARY**

Overall, our trading in the first half is in line with full year market expectations
and we continue to expect to deliver another year of solid progress despite less
buoyant market conditions. The Directors remain confident about the future for the
Group and look forward to updating shareholders on its cost reduction and working
capital initiatives at the time of the Half-year results.

**NOTICE OF RESULTS**

The Group is planning to release its Half-year results on Tuesday, 24 September 
2019. The announcement will be available to view and download from the Company’s
website www.flowtechfluidpower.com.

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