Avingtrans revenues and profits soar following Hayward Tyler acquisition

Avingtrans saw revenues and profits soar in its last trading year, boosted by its acquisition of Hayward Tyler in September 2017.

Revenues increased 247% to £78.9m during the twelve months ended 31 May, which, along with an improvement in the firm's gross margins to 25.5%, sent pre-tax profits 820% higher to £2.4m.

EBITDA surged 690% to £5.7m and earnings per share shot up to 8.4p from the 1.1p returned to investors a year earlier.

On the other hand, Avingtrans' saw cash outflows from operating activities more than double to £6.9m and the company swung from a net cash balance of £26.4m to a net debt position of £7.1m, again, due to the acquisition of HTG.

Avingtrans chairman Roger McDowell, said: "It has been an exciting year, during which, the Group continued to execute its Pinpoint-Invest-Exit strategy through the acquisitions of Hayward Tyler Group and also Ormandy Group."

"Nuclear life extension and decommissioning markets also continue to provide fertile ground for growth, underpinned by contract wins in the UK, USA, South Korea and mainland Europe. However, we are mindful of avoiding over-dependence on nuclear and thus, we are developing into new markets, such as renewables with funding from the DoE in the USA for future generation solar plants. Exciting times lie ahead."

As of 0950 BST, Avingtrans shares had gained 4.47% to 226.70p.