524: Steve McQuillan of Avingtrans discusses how business remained strong in H1 & their increased strategic investment

The Vox Markets Podcast

20-01-2022 • 11 mins

Steve McQuillan, CEO of Avingtrans #AVG describes how business has remained strong in H1, trading in line with market expectations and why they have increased their strategic investment in the emerging Medtech 3D X-ray business, Adaptix.

Trading Update, Notice of Results and Strategic Investment

Avingtrans PLC (AIM: AVG), which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, is pleased to announce business in the first half of the financial year has remained strong and the Company is trading in line with market expectations. At the end of the first half, Avingtrans had net cash (pre IFRS 16) in excess of £22.5m (31 May 2021: £23.3m).

Notice of Results

Avingtrans will publish its results for the six months ended 30 November 2021 on 23 February 2022, at which point it will provide a further update on performance.

Strategic Investment

Furthermore, Avingtrans is pleased to announce that it has increased its shareholding in the emerging Medtech 3D X-ray business, Adaptix Limited ("Adaptix"), by another 150,000 shares, for a total consideration of £1.5m. Avingtrans now owns 400,000 Adaptix shares, representing 11.9% of the current issued share capital.

In the year to 31 March 2021, Adaptix made a loss after tax of approximately £1.1m. Further details on Adaptix can be found in the announcement released by the Company on 13 October 2021.

About Avingtrans plc:
Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.

Business units

Hayward Tyler - Luton & East Kilbride, UK and USA, China and India
Specialises in the design, manufacture and servicing of performance-critical motors and pumps for challenging environments.

Energy Steel, Inc - Rochester Hills, Michigan, USA
Provider of custom fabrications for the nuclear industry, specialising in: OEM parts obsolescence; custom fabrications; engineering design solutions; product refurbishment; on-site technical support.

Stainless Metalcraft Ltd - Chatteris, UK and Chengdu, China
Provider of safety-critical equipment for the energy, medical, science and research communities, worldwide, specialising in precision pressure and vacuum vessels and associated fabrications, sub-assemblies and systems.

Booth Industries - Bolton, UK
Designs, manufactures, installs and services doors and walls which can be tailored to be: blast &explosion proof; fireproof; acoustically shielded; high security/safety; or combinations of the above

Ormandy Group, Bradford, UK
Design, manufacturers and servicing of off-site plant, heat exchangers and other HVAC (heating, ventilation and air conditioning) products

Composite Products Ltd - Buckingham, UK
Centre for composite technology, parts and assemblies, serving customers in industrial markets.

Magnetica Ltd - Brisbane, Australia
Magnetica Limited specialises in the development of next generation MRI technologies, including dedicated extremity MRI systems and MRI system components. Magnetica has successfully built and tested a compact, integrated 3 Tesla orthopaedic MRI system, demonstrating clinical-quality imaging. Commercialisation of this system (and others) is on-going. Magnetica's structure now includes two other business units:

Scientific Magnetics - Abingdon, UK
Designs and manufactures superconducting magnet systems and associated cryogenics for a variety of markets including MRI and provides services for Nuclear Magnetic Resonance instruments.

Tecmag Inc, Houston, USA
Designs, manufactures and installs instrumentation, including consoles, system upgrades, and probes, mainly for Magnetic Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR) systems.