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 that trading in the first 6 months of the financial year to 30 November 2022 was in line with market expectations.
Notice of Results
Avingtrans will publish its results for the 6 months ended 30 November 2022 on 22 February 2023, at which time it will provide a further performance update.
Acquisitions
In addition, the Board is delighted to announce that Avingtrans’ business unit, Ormandy Group, which designs, manufactures and services off-site plant, heat exchangers and other HVAC (heating, ventilation and air conditioning) products, has acquired the business and assets of Hevac Limited, a heating ventilation and air conditioning solutions provider based in Elland, Yorkshire and the business and assets of HeatExchangeSpares.com a plates and gaskets supplier, based in Watford. The total consideration for the Acquisitions is expected to be £825k which will be funded from the Group’s existing cash resources. In the latest reported financial year, ended December 2021, the combined businesses and assets generated £5.3m of sales and a loss before tax of £0.3m. Gross assets acquired total £750k.
The Acquisitions will complement Ormandy Group’s operations and expand its product range. Both Hevac and HES are established names in the HVAC industry with strong reputations for supplying quality systems and spares for commercial and public buildings around the world.
Steve McQuillan, CEO of Avingtrans, commented:
“Despite the continuing difficult operating environment, I am pleased to report that Group trading is in line with management expectations for the half year. I am also delighted that Austen Adams and his team in the PSRE division have completed the acquisitions of Hevac and HES. These businesses strengthen Ormandy’s offering as a leading provider of offsite and heat exchange solutions to commercial and industrial customers in the UK and internationally. The Acquisitions will also enable us to take greater control over our supply chain and release untapped potential in the market, to further strengthen our position.”
