Flowtech Fluidpower revenues boosted by Balu acquisition
Technical fluid power products specialist Flowtech Fluidpower saw both revenues and profits grow following the successful acquisition and integration of Balu in its last trading year.
Flowtech saw turnover improve 41.8% to £111.1m, while pre-tax profits climbed 14.5% to £6.92m, leading the group to propose a 5% increase in its full-year dividend to 6.07p.
Chief executive Bryce Brooks said: "The board firmly believes that a profit-sharing culture across the group focused on a 'return on capital' metric at a local level, is one of the keys to developing a sustainable organisation that will reward investors over the long term, and the executive team has a clear plan to assist all our other profit centres in achieving this target by the end of 2019."
Looking forward, Flowtech revealed revenues in the first three months of its current year were up 14% year-on-year, with both its Flowtechnology and PMC divisions trading well.
However, Flowtech noted that its smaller process division, which is involved in larger order activities, saw a reduction in sales bit noted that a return to growth was expected in the second quarter.
As of 0940 BST, Flowtech shares had slid 3.78% to 117.63p.