Flowtech Fluidpower plc (AIM: FLO), issues the following
unaudited Trading update ahead of the Group's annual
financial results for the year ended 31 December 2015,
which will be announced on 12 April 2016.
2015 HIGHLIGHTS
* Group revenue is expected to be 18% up on 2014 at
approximately GBP44.7 million
* Gross margins remain robust and in line with
management expectations
* The Balance Sheet at 31 December 2015 remained lowly
geared with net debt expected to be c.GBP8.9 million
* Overall, solid performance which is anticipated to
result in earnings and profitability being within
market estimates
DIVIDEND
Our aim is to continue on capital growth through investment
in the business and increasing ROCE. As a Board, we
remain committed to a progressive dividend policy.
Based on the year's performance and our confidence
as a whole, the Board will, barring any unforeseen
situation, be intending to propose to shareholders
a final dividend for the year ended 31 December 2015
in line with current market expectations, which will
deliver a 5% increase over 2014.
LOOKING AHEAD
Whilst industrial markets are currently presenting
some challenges, the Directors view the future with
confidence and are optimistic that the Company can
continue to grow both organically and by acquisition,
with a number of acquisition opportunities being actively
pursued.
The Flowtech Group now operates in two divisions: specialist
Power Motion Control and Distribution; this allows
us to showcase our significant technical expertise
& high service levels to our customers across the business.
This approach gives us a solid platform for growth
as well as creating new opportunities particularly
for the Group's growing interest in the hydraulic equipment
and components sector.
PEOPLE
As part of this focused drive we are pleased to announce
senior appointments within the business.
* On I March 2016 Nick Fossey will take up a new role
as Managing Director of the Power Motion Control
Division and will be appointed to the Group Operating
Board. He joins us from Eaton Corporation where he
spent almost 13 years, including as a Director of
Sales and Marketing EMEA for nearly ten years. Prior
to this he was Managing Director at Rockwell
Automation. Through his senior leadership roles, he
has gained an extensive knowledge of the hydraulics
distribution sector internationally, particularly
within Europe, which will be invaluable to the future
development of our business model.
* Paul McGrady was promoted from Sales Director to
Managing Director of Primary Fluid Power on 1 January
2016 and also joined the Operating Board. Paul has a
strong understanding of the PMC market having been
closely involved with Stephen Merrie in its evolution
since 1999.
* Stephen Merrie retired from Primary on 31 December
2015. On behalf of all stakeholders, the Board would
like to thank him for his significant contribution
during his time as part of the Group and wish him
well in his retirement.
SUMMARY
Management continue to remain optimistic about both
the commercial opportunities and the prospects of the
Group as a whole. The Board has a clear strategy to
develop the opportunities that will deliver future
growth and, despite some headwinds Flowtech is expected
to deliver another year of solid progress.
The Directors look forward to updating shareholders
further on the Group's overall performance at the time
of the preliminary results in April.
Flowtech Fluidpower appoints James Brooke and Ailsa Webb as Non-Executive Directors
8th March 2022
Flowtech Fluidpower plc (LON:FLO) has announced the appointments of James Brooke and Ailsa Webb as Non-Executive Directors of the Group with immediate effect. James has had successful City roles in equity and private equity fund management.
