‘Exciting times ahead’ for Avingtrans

Posted on 03 Nov 2018 and read 407 times
‘Exciting times ahead’ for AvingtransAvingtrans , which designs and manufactures critical components for the energy and medical sectors and has several operations in the West Midlands, has reported a strong rise in its revenues and profit (www.avingtrans.plc.uk).

These have been boosted by the £50 million acquisition of Hayward Tyler Group (HTG) last year, creating a global business with more than 750 employees.

Announcing its results for the year to the end of May, including a nine-month contribution from HTG, Avingtrans posted a 247% increase in revenues — from £22.7 million to £78.9 million.

Chairman Roger McDowell said: “It has been an exciting year, during which the group continued to execute its Pinpoint-Invest-Exit strategy (PIE) through the acquisitions of HTG and the Ormandy Group.

"With an eye on eventual exits, we have restructured the group into two separate energy divisions and an incubator medical division. A highlight of the year was the speedy and successful integration of the substantial HTG acquisition.

"The new energy divisional structures and management teams have become effective quickly, and their focus is clearly on growth, whereas the nascent medical division made slower progress.”

Mr McDowell said the company is nurturing an “unswerving focus on after-market opportunities”, as it services end-user customers with fast, local and flexible solutions, resulting in strong growth prospects.

He added: “The nuclear life extension and decommissioning markets also continue to provide fertile ground for growth, underpinned by contract wins in the UK, USA, South Korea and mainland Europe.

“However, we are mindful of avoiding over-dependence on nuclear, so we are developing into new markets, such as renewables. Exciting times lie ahead.”

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