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 2025.
Financial Highlights
| · | Group Revenue was flat at £78.1m (2025 H1: £79.0m), in line with management expectations |
| · | Gross Margin increased to 31.7% (2025 H1: 30.0%), as a result of improved AM mix in the AES division |
| · | Adj.*EBITDA increased by 10.4% to £9.6m, mainly driven by reduced losses in the Medical and Industrial Imaging division (2025 H1: £8.7m) also in line with management expectations |
| · | Adj.*EBITDA margin increased to 12.3% (2025 H1: 11.0%), due to favourable AM mix |
| · | Adj. Profit before tax increased by 27.1% to £5.7m (2025 H1: £4.5m) |
| · | Adj. Diluted Earnings Per Share from continuing operations increased to 14.6p (2025 H1: 12.0p) |
| · | Cash inflow from operating activities was stronger at £7.6m (2025 H1: £4.9m) |
| · | Net debt (excluding IFRS16 debt) at 30 November 2025 was unchanged at £12.3m, (31 May 2025: £12.3m), despite the on-going investment in Medical Imaging and increasing investment in new nuclear technology |
| · | Interim Dividend of 2.0 pence per share (2025 H1: 1.9 pence) |
*Adjusted to add back amortisation of intangibles from business combinations, acquisition costs and exceptional items and discontinued operations.
Operational Highlights
Advanced Engineering Systems (“AES”) Division
| · | Austen Adams appointed as Chief Operating Officer (COO) of the Avingtrans Group |
| · | First half revenue was £75.2m (2025 H1: £76.8m), reflecting a more usual anticipated H2 weighting in FY26 |
| · | EBITDA was flat at £11.0m (2025 H1: £11.0m) |
| · | Another strong performance by Hayward Tyler, driven by rapid global growth in data centre infrastructure and electrification of transport, leading to increased energy demand – especially new nuclear power |
| · | Notably, HT Inc won $16.0m of new nuclear contracts with KHNP of South Korea |
| · | Ormandy also had a strong first half, as a beneficiary of growth in AI and data centre infrastructure |
| · | Metalcraft continues to ramp-up 3M3 box production for Sellafield |
| · | Booth won additional contracts with HS2 and TfL worth £8.5m. Production ramp-up progressing |
| · | Recovery at Slack and Parr continues, although impacted by US tariffs in the period |
| · | Aftermarket momentum continues to build across the division |
Medical and Industrial Imaging (“MII”) Division
| · | Stuart Gall appointed as Divisional CEO of MII and formally joined the business in January 2026 |
| · | Revenue increased by 33.0% to £2.9m (2025 H1: £2.2m), as product roll-out continues to build up |
| · | LBITDA loss reduced to £0.8m, as commercial ramp-up activities continue (2025 H1: £1.7m loss) |
| · | Adaptix received 510(k) approval from the US FDA, allowing orthopaedic system sales to commence |
| · | Adaptix continued to appoint distributors in the UK, Europe and the USA, across its addressable markets |
| · | Magnetica now expects to submit 510(k) approval during the second half of calendar 2026 |
| · | In the period, Magnetica completed the design of a new product concept for ViewRay® Inc. |
| · | SciMag seeing increased orders for magnet and cryogenic systems used in quantum computing |
Current Trading & Outlook
| · | Order book in AES secured to achieve 95%+ of the FY26 market expectations, providing strong visibility and confidence in meeting targets |
| · | Increased global energy demand, being notably driven by AI and datacentre requirements, is providing a target rich environment for HT and several other Group businesses |
| · | MII is entering a key period with sales in Adaptix ramping up following 510(k) approval, with regulatory approval to follow in Magnetica in the second half of calendar 2026 |
| · | The Board is confident about achieving market expectations for FY26 |
Commenting on the results, Roger McDowell, Chairman, said:
“A strong first half performance from the Advanced Engineering Systems (AES) division has primed the Group to achieve full year expectations, with Medical and Industrial Imaging sales also building momentum. Prospects for AES are exciting, driven by global energy demand – especially in next generation nuclear power, which is in turn driven by the underlying rapid global growth in AI and data centre infrastructure and electric vehicles. In the period, we were delighted to have Austen Adams formally join the Board as Chief Operating Officer (COO).
“We continue to invest in AES and in the MII division. We remain well structured for future exits, intended to maximise shareholder value. The commercialisation of the 3D X-ray systems at Adaptix, for applications in orthopaedic, veterinary, and non-destructive testing markets, is now able to build, with the 510(k) for the orthopaedic system finally granted and thus allowing US sales to commence. We remain excited by the prospects for Adaptix and Magnetica, despite the delays in the regulatory processes. With Stuart Gall joining as MII CEO, the management team is now complete and has all the necessary experience to build robust sales in the USA.
“Overall, our value creation objectives remain on course, supported by a prudent approach to debt management, which the Board considers appropriate, given on-going global uncertainties. However, the dynamic nature of our markets means that Avingtrans remains committed to pursuing carefully selected M&A opportunities, as well as carefully marshalling our more mature businesses towards Exits, in line with our PIE strategy. We remain positive about our prospects and the potential future opportunities across all of our markets and excited to see both the potential and the accelerating pace of our new nuclear and medical imaging prospects.
“We benefit from clear visibility over the revenue and profits of the second half of FY26, thanks to an ongoing strong order intake and timely contract revenue recognition. Therefore, the Board continues to be confident about the Group expectations for the full year and views the mid to longer term future very positively.”
