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 2025.
The Board is pleased to report that revenue, Adjusted EBITDA¹ and Adjusted PBT are in line with recently upgraded market expectations² driven by better than anticipated performance within the Advanced Engineering Systems division. Net debt as at 31 May 2025 was approximately £12.3m, excluding IFRS16. This was better than anticipated, due to a reduction in working capital and reduced commercialisation costs in the Medical & Industrial Imaging Division.
Advanced Engineering Systems Division (AES)
The AES division achieved strong underlying results in the period and has carried this positive momentum into the new financial year, underscoring its solid performance and strategic growth ambitions. Both Hayward Tyler and Ormandy have achieved record results in the year, with robust results also reported by Metalcraft and Booth. Slack & Parr’s recovery trajectory is continuing to build momentum, providing the Board with further confidence in its contribution to the Group. The Board is also seeing evidence of increasing prospects in the Defence markets with a new £3.5m MoD contract secured by HT Luton in May 2025.
Medical & Industrial Imaging Division (MII)
Developments in the MII Division continue in line with management’s expectations for timelines and planned costs associated with market entry.
Adaptix continues to make progress in preparation for its forthcoming launch into the orthopaedic market, with new distributor agreements being finalised. These partnerships mark a significant step forward in building the commercial foundation for market entry.
Magnetica is maintaining steady progress toward securing 510(k) approval for its MRI system, a key milestone in its commercialisation pathway. The Group continues to engage constructively with the FDA, with technical documentation and validation work progressing in accordance with regulatory requirements. Magnetica’s development activities are advancing in line with internal timelines, supported by a dedicated team focused on achieving compliance and readiness for market entry.
In light of newly implemented tariff arrangements, the Board confirms that direct exposure in AES is limited, due to regionalised supply chains and local manufacturing. Direct exposure in MII is also limited but the Board is considering various mitigation strategies. These include the ability to manufacture a greater proportion of system components within the USA, thereby reducing exposure and strengthening local supply capabilities, if required.
Notice of Results
Avingtrans expects to publish its audited results for the year ended 31 May 2025 on 24 September 2025, at which time it will provide a further performance update.
Steve McQuillan, CEO of Avingtrans, commented:
“We are pleased with the Group’s continued progress, delivering strong financial performance and operational execution in line with recently upgraded expectations. The AES division enters the new financial year in a strong position, supported by substantial multi-year order cover, including over £60 million remaining on the Sellafield contract and over £30 million on HS2. The Group enters FY26 with a solid platform for growth, underpinned by expanding commercial traction and ongoing regulatory milestones. As a result, the Board views the outlook for the year ahead with confidence.”
¹Adjusted to add back amortisation of intangibles from business combinations, acquisition costs, exceptional items and discontinued operations.
²Prior to today’s announcement, the Company understands that market expectations for the financial year ended 31 May 2025 were: Revenue £161m, Adjusted EBITDA £16.6m, Adjusted PBT £8.0m.
