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Avingtrans PLC - designs and supplies components and services to the energy, medical and industrial sectors - Says revenue from continuing operations has reached record level, aligned with market expectations. For the financial year ended May 31, expects to report adjusted earnings before interest, tax, depreciation and amortisation between £13 million and £14 million, between 5.1% lower and 2.2% higher than £13.7 million reported for financial 2023. Says this is ‘materially ahead of market expectations,’ which it cites as £10.0 million. The company says its Advanced Engineering Systems division ‘delivered strong underlying results and maintained is momentum into the new financial year.’ Avingtrans highlights that Magnetica in the Medical division has transitioned into larger premises in Brisbane and Houston, with the company investing in the facilities to enable volume production of MRI systems starting in financial 2025, which started on June 1. Chief Executive Officer Steve McQuillan says: ‘Lower commercialisation costs in the Medical division, some of which have been delayed into FY25, have contributed to this performance but we are pleased that the group is entering FY25 with record-level revenue from continuing operations, leading the board to view the outlook for this year with confidence.’ Avingtrans will announce its annual results on September 25. Current stock price: 382.55 pence per share, down 0.6% on Wednesday afternoon in London 12-month change: down 13% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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