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Avingtrans reports Record Revenue and exceeds market expectations for FY24

Avingtrans PLC (LON:AVG), which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, has announced a positive trading update in respect of the financial year ended 31 May 2024.

The Board is pleased to report revenue from continuing operations has reached a record level and aligned with market expectations. Adjusted EBITDA from continuing operations is materially ahead of market expectations* and is expected to be in the range of £13-14m. This was in part due to lower than budgeted commercialisation costs in the Medical Division, some of which have been delayed in to FY25. Net debt at £6.1m, excluding IFRS16, was better than anticipated*, with the completion of several key projects contributing to enhanced cash receipts and lower-than-expected spending on medical developments.

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