Results Round-up
Avingtrans cheered with its full year results after posting a 33% rise in revenue to a record £60.3m thanks to recent acquisitions and a strong performance by its aerospace division.
However, the group also operates a energy and medical division that would have seen a 7% reduction in growth had it not been for the acquisition of Maloney Metalcraft. Although the acquisition proved challenging, its performance offset a decline in divisional revenue and prevented it from registering a loss.
Overall adjusted pre-tax profit rose from £1.9m to £3.5m, while earnings before interest, tax, depreciation and amortisation (EBITDA) climbed by 55%.
Adjusted diluted earnings per share almost doubled to 13.7p, thanks in part to a favourable tax charge.
Chairman Roger McDowell said: "Once again, I am pleased to report significant group revenue and EBITDA growth to shareholders.
"As before, there is no room for complacency. The group saw significant currency headwinds last year and short-term forecast variation means we need to remain agile. Aerospace remains in good health, with the recent acquisition of RMDG Aerospace consolidating our niche market leadership.
Energy and Medical is also making headway in its restructuring plans.
The group said it remained positive about the future and proposed a 1.8p per share final dividend, making 2.7p for the year, an increase of 23%.
Interior furniture producer Walker Greenbank saw its pre-tax profits for the first half of the year rise from £2m to £2.3m, thanks to strong performances in its three main markets.
In the UK, the firm’s main market, sales grew 10% year-on-year, while they rose 12.2% in constant currency in Europe and 3% in the US, despite the disruption in sales due to the expansion of a new flagship showroom in New York.
"Total Brand sales in the first eight weeks of the second half are up an encouraging 5.4% in reportable currency (7.0% in constant currency) compared with the same period last year,” group chairman Terry Stannard said.
"This is a robust performance ahead of our key autumn selling period and reflects strong trading in the UK, where Brand sales are up 8.6%, and in overseas markets, where Brand sales are on an improving trend up 4.7% in constant currency.
"Manufacturing also continues to perform strongly. We remain confident of meeting market expectations for the full year and beyond."
Revenue rose from £39.1m to £41.1m, while the company announced a 25% increase to 0.35p on its proposed interim dividend.
Walker shares closed 0.73% up to 208p.