🚀 Exciting News from Avingtrans Plc! 🚀
#Avingtrans PLC (AIM: AVG) announces a #positive trading update for the financial year ended 31 May 2024!
📈 #Record Revenue: It achieved record-level revenue from continuing operations, aligning with market expectations.
💼 Adjusted EBITDA: Significantly #ahead of expectations, projected between £13-14m, thanks to lower-than-budgeted costs in Medical Division.
💰 Net Debt: Better than anticipated at £6.1m, bolstered by key project completions and enhanced cash receipts.
🔧 Advanced Engineering Systems Division (AES):
Strong performance and #growth.
Ormandy: #Best results since acquisition.
Slack & Parr: Successful first-year integration with positive EBIT.
Hayward Tyler: Best results since acquisition.
🩺 Medical & Industrial Imaging Division (MII):
Progress in novel 3D X-ray and helium-free MRI systems.
Successful integration of Adaptix, with sales initiated in the #UK and #USA.
Magnetica: New premises in Brisbane and Houston, ready for volume production in FY25. Expected FDA 510(k) approval in early 2025.
📅 Save the Date: The audited results for the year will be published on 25 September 2024, with a further performance update.
Steve McQuillan, CEO, comments: "We're delighted with our record revenue and Adjusted EBITDA surpassing market expectations. Entering FY25 with confidence, we look forward to continued success."
#Avingtrans #TradingUpdate #FinancialResults #RecordRevenue
Roger McDowell Singer Capital Markets Shaun Dobson Alexander Bond Oliver Platts Graham Herring Zach Cohen #Engineering #MedicalImaging #BusinessGrowth
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