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Avingtrans announces 30.4% revenue growth in interim results

Avingtrans PLC (LON:AVG), the international engineering group which designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial sectors, has announced its interim results for the six months ended 30 November 2023. 

Financial Highlights

·      Group Revenue increased by 30.4% to £65.2m (2023 H1: £50.0m) in line with management expectations.

·      Gross Margin reduced slightly to 31.6% (2023 H1: 32.6%) as a result of OEM versus aftermarket mix.

·      Adj.*EBITDA increased by 14.1% to £7.3m, as a result of higher revenues (2023 H1: £6.4m).

·      Adj.*EBITDA margin reduced to 11.2% (2023 H1: 12.8%), mainly due to higher OEM sales, and increased investment in the Medical division.

·      Adj. Profit before tax £4.4m (2023 H1: £4.0m).

·      Adj. Diluted Earnings Per Share from continuing operations increased to 11.7p (2023 H1: 9.8p).

·      Cash outflow from operating activities of £3.6m (2023 H1: inflow £4.1m)

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