Full Year Results

Avingtrans plc ("Avingtrans" or the "Group") Final Results for the Year Ended 31 May 2011 Avingtrans plc, which designs, manufactures and supplies critical components and associated services to the medical, energy, industrial and global aerospace sectors, today announces its results for the twelve months ended 31 May 2011. Financial Highlights - Turnover increased by 27% to £36.3m (2010: £28.6m) - Gross profit margin increased to 29% (2010: 26%) - EBITDA improved by 32% to £3.3m (2010: £2.5m) - PBT1 increased to £1.4m (2010: £0.5m) - Fully diluted, adjusted1 EPS of 5.5 pence per share (2010: 3.0 pence per share) - Cash generated from operations was £3.0m (2010: £3.8m) - Net debt reduced by 15% to £6.6m (2010: £7.8m) - Gearing reduced further to 29% (2010: 36%) - Final Dividend reintroduced at 0.4 pence (2010: Nil) 1 -adjusted to add back amortisation of intangibles from business combinations and exceptional items Operating highlights - Sigma's long term contract wins underpinned a strong annual result for Aerospace, with the division achieving almost 8% operating profit and growing by 32% - Sigma China made a modest profit over the entire year - a breakthrough performance. - C&H continued to grow steadily and commenced new service contracts for Rolls Royce, Bristol, following the earlier £5m contract extension with Rolls Royce announced in the first half. - Metalcraft's second half performance improved and the division grew by 6% in the year, returning to a modest level of profit. Metalcraft will commence volume production of Siemens next generation MRI systems in 2012. - In the second half, Crown continued to be influenced by significant delays to roadside contracts and the business made a loss over the year, affecting divisional profitability. However, new product prospects remain bright. - Jena Tec won its largest single contract to date, worth £1.8m over 3 years, for a European medical equipment OEM, starting in 2012. - Jena Tec experienced strong on-going global order intake with sales increasing by 56% - boosted further by shortages in Asia - and restored EBIT to near double-digit levels (9.7%). Commenting on the results, Roger McDowell, Chairman, said: "Whilst 2011 was not a `vintage year', I'm sure that shareholders will join me in a small toast to a much improved performance in the last 12 months. I am glad to report a result in line with previously upgraded market expectations. After an arduous financial year in 2010, the majority of our markets continued to regenerate positively. Global recovery has certainly played its part, but above all it is our hard work on capability enhancements over the last two years that has paid off. Long term contracts with global OEMs that are not dependent on the UK economy are very important to our future and potential further good news is in the pipeline. As anticipated at the half year, we are pleased to confirm a return to our progressive dividend policy, with our commitment to pay a final dividend in line with expectations and a firm intention to continue with dividend payments in future." Enquiries: Avingtrans plc tel. 01159 499 020 Roger McDowell, Chairman Steve McQuillan, Chief Executive Officer Stephen King, Chief Financial Officer FinnCap Ltd tel. 020 7600 1658 Marc Young/ Henrik Persson - Corporate Finance Brian Patient / Steve Norcross - Corporate Broking Hansard Group tel. 020 7245 1100 Nicholas Nelson / Guy McDougall About Avingtrans plc: Avingtrans has become a significant organisation in the design, manufacture and supply of critical components and associated services to global industrial markets from three divisions: aerospace, energy and medical and industrial products. Aerospace Sigma Precision Components Ltd - UK and China Sigma Precision Components is a market leader in rigid and flexible pipe assemblies and components for prestigious aerospace customers such as Rolls Royce, Eaton Corp and Meggitt. Sigma also manufactures precision prismatic components for the aerospace industry from its purpose-built facilities in the UK and Chengdu, China. CH Precision Finishers Ltd - UK C&H provides final polishing and specialist finishing on aeroengine turbine blades, compressor blades and vanes for the power generation industries, operating from two strategically located centres to offer a local service to the UK aerospace industry. Energy and Medical Stainless Metalcraft Ltd - UK and China Provider of safety-critical equipment for the energy, medical, science and research communities, worldwide, specialising in precision pressure and vacuum vessels and associated sub-assemblies and systems. Crown International Ltd - UK Designs and manufactures market-leading pole and support systems for roadside signage and safety cameras, rail track signalling and gantries. Industrial products Jena Tec UK, Germany, USA and China From specially equipped factories in Germany and the UK, Jena Tec designs, manufactures and services Precision Ballscrews, Spindles and Linear Motion actuation systems for automation and control of CNC machines and precision instrumentation. Through Moss Group, Jena provides specialist automation products and services. 2011 Preliminary statement Chairman's statement To paraphrase Harold Wilson, a year is a long time in engineering - and what a difference twelve months has made. Indeed, since first drafting this note, global markets have shown that we live in unpredictable times. Nonetheless, although it could not be described as a `vintage year', 2011 was highly positive, in comparison with the previous period. It is pleasing to report a result in line with previously upgraded market expectations. Our net debt position is markedly better than the market expected, setting us on a firm footing for the year to come, given global uncertainty. I am also pleased to confirm a return to payment of a dividend with the results, as anticipated at the half year. Generally speaking, the trends observed in our three divisions continued throughout the second half and on into the new financial year, though there are some signs of less certain conditions and the rate of growth is slowing in a number of areas. Our cost cutting strategy, coupled with our determination to retain essential skills, has certainly assisted with the ramp-up in output required of us in 2011. Our OEM partners have entrusted us with a number of additional long term contracts this year and our improving results reflect the initiation of these projects. Whilst the flurry of contract wins announced in the first half of 2011 was not mirrored in the second half, we are confident that our future prospects are bright. Core markets in Energy Infrastructure, Civil Aerospace and Medical Imaging, coupled with a rejuvenated Machine Tools sector, continue to provide the bulk of our revenues. Relationships with customers such as Siemens, Rolls Royce and Cummins continue to grow and develop in ways that we expect will lead to further new business in 2012. End user markets remained robust, particularly in Asia, where much of the final output is exported. Of course, the recovery cycle will continue to be variable across our three divisions and dependent on the activity of our customer base. However, as before, the quality of this blue chip clientele gives us confidence that we are well-placed for further market growth. Group revenues rebounded by well over £7m - largely regaining the ground ceded in the previous year. As a result, we were in the happy position of being able to recruit additional skilled staff in most businesses, whilst keeping a close eye on costs, so as not to introduce any unnecessary slack in the system for the future. With Metalcraft and Jena Tec operations in China now fully on-stream, as well as a newly profitable Sigma China facility, we remain optimistic about our prospects there and in Asia more broadly. Cautious increases in capital investments recommenced, as we anticipated lengthening delivery cycles for machine tools. Strong customer relationships are obviously of great importance to us and, as such, we were delighted to be awarded the supplier of the year title by Siemens Magnet Technology, the division that supplies systems for MRI scanners. Similarly, other major customers like Rolls Royce and GE professed themselves to be very satisfied with our quality and delivery performance. This customer service ethic is now deeply embedded in our operations. The three-legged stool that has borne us sturdily through the recession thus far offers a stable structure in the coming period to address our main markets - namely, Aerospace, Energy, Medical and Specialist Industrial. Each of our core businesses is developing product and service offerings that will enhance shareholder value and delight our customers in the coming years. However, this is not to imply that we will rigidly maintain all of our business entities in their current form. In the coming year, we will be proactively seeking M&A opportunities, so investors should not be surprised if we look to complete appropriate complementary acquisitions that strengthen our strategy. As before, we believe we are targeting the right growth markets and developing excellent supply partnerships with the market leaders in those sectors. This allows us to bring broader products and services to those customers from our specialist niches, which - coupled with our deeper manufacturing and design skills - means we are ready to take maximum advantage of any opportunities, as they arise. Our people have responded to the rapidly changing business conditions with an energy and relish that have cemented our performance improvement. I would like to express my sincere thanks to them for their continuing hard work and commitment to Avingtrans during this period. R S McDowell Chairman 13 September 2011 Business Review Group Performance Financial Performance Full year Group revenue was 27% higher than the prior year, coming in at £36.3m (2010: £28.6m). The overall result was almost an exact mirror image of the previous 12 months, with all of our businesses seeing marked improvements, except for Crown, which suffered from delays in Government decisions concerning road infrastructure. The rebound in turnover naturally flowed through to profit with gross margins recovering to 29% (2010: 26%) and operating profit recovering significantly, more than doubling to £1.7m (2010: £0.8m). EBITDA was enhanced by 32% to £3.3m (2010: £2.5m). The effective rate of taxation was 11.3% (2010: 29.7% credit) predominately due to use of losses brought forward in the US and research and development credits in the UK. Adjusted diluted earnings per share, for the period ending 31 May 2011, was up to 5.5p (2010: 3.0p) based on 25.5m (diluted weighted average) shares, with an increased return on net assets of 5.5% (2010: 2.8%). The cash flow from operations was £3.0m in the period (2010: £3.8m) although 2010 was flattered by the successful £0.9 warranty claim. However, net indebtedness at year end was £6.6m, some 15% lower than at the prior year end (2010: £7.8m). Balance sheet gearing was also much improved, down to 29% from 36% at 31 May 2010. In addition, continued investment in the business of £1.3m shows that capital investment was prudently controlled as we began to ramp up once more. As previously noted, the Board supports a progressive dividend policy and is pleased to be able to recommend at the AGM the reintroduction of a final dividend of 0.4 pence per share (2010: Nil pence per share). This will be paid on 9 December 2011 to shareholders on the register at 19 October 2011. The Board will keep the dividend position under review, taking account of the on-going changes in the trading positions in our markets. The Group has a number of exciting opportunities across all of its operations which should deliver further long term growth and shareholder value. The continued backing of our investors, coupled with ongoing supportive relationships with the Group's principal bankers, means we expect to have more than adequate financial resources to continue to invest in the business. We also continue to develop relationships with new and potential stakeholders as the capital markets ease and the return to dividend should expand this potential base further. Strategy Our strategy is largely unchanged from last year. Avingtrans is a precision engineering group, operating in differentiated, specialist niches in the supply chains of many of the world's best known engineering OEMs, for example: Rolls Royce, Siemens, Cummins, E.ON, etc. The core strategy is to build market-leading niche positions in our defined sectors, namely, the medical, energy, aerospace and specialist industrial markets. The three strategic thrusts remain: - Customers: developing our key accounts and partnering or acquiring assets to provide customers with integrated product and service offerings, with optimum quality, delivery and value for money characteristics. - Channels: developing new channel partners in new territories and markets with existing product capabilities - Capabilities: strengthening core group know-how in design and manufacturing, to reduce costs and deepen our value added to our customers. Each of the three main businesses - Metalcraft, Jena Tec and Sigma - has the capability to engineer products in Europe and produce those products partly or wholly in China, allowing us to access low cost sourcing at minimum risk for our customers, as well as positioning us robustly in the development of the Chinese and Asian markets for our products. Metalcraft and Jena Tec businesses are now well established in China and Sigma forms an integrated supply chain business in the UK and in China within one unit. C&H and Crown continue to be developed from the UK only. We have increased our capability to manage outsourced manufacturing programmes of increasing complexity, thus accessing business of greater duration and value, with the prospect of higher sales and reduced annual volatility. Operations Aerospace Division (Sigma and C&H) Sigma and C&H clocked up their best year yet, as Aerospace reached take-off speed and delivered a very creditable result, with sales at £12.7m. Sigma in China broke through into profit for the whole year for the first time and Sigma UK began to see the benefit of the long term contracts won in the previous year. C&H continued to grow, with the Rolls Royce relationship developing well and new opportunities gradually emerging as a result of the £5m contract extension announced in February. Civil Aerospace is defying global uncertainties at present, assisted by long lead times. Boeing recently announced further increases in the production rate of the 737 and the 787 Dreamliner is finally ready to launch. The Paris Airshow in June saw Airbus taking record orders and other players starting to assert their market positions - eg Comac with the C919 and Embraer with the 190 regional jet. The on-going optimism in the industry is feeding into the supply chain and we saw our turnover increase by 19% in the Division, with momentum carrying on into the new year. In consequence, our capital expenditure in Sigma China was reinvigorated, as demand outstripped our growth capacity. Whilst we are pleased with the growth there, we are keen to ensure that organisational control keeps pace with output, since any loss of control could be costly in terms of quality and delivery to our customers. Careful capital spend will continue into the new year and we plan to commence pipe assembly production in China during 2012, since this is the next logical step in the development of Sigma in China. Sigma China and the UK are operating as an integrated unit and this is definitely winning business for us. The contract wins with Eaton and Meggitt that we announced earlier in the period contributed positively to the improved result at Sigma UK in particular and we expect that the on-going market development will result in further new business from these customers. Overall, Sigma is making excellent progress in becoming a strategic supplier for our OEM partners and using Lean manufacturing tools to transition the business into a world-class Aero components business. We are very encouraged to note that new enquiries are increasingly coming from testimonies of existing customers recommending Sigma to third parties, including their other supply chain partners. Sigma's quality reputation is now class leading and this will doubtless produce further new business in the future. Recent business wins have highlighted the importance of the USA to this division and we expect to develop some direct presence in the US for Sigma over the next 12-18 months, either organically, or through acquisition. C&H delivered an excellent performance, well in excess of budget. We are delighting our customers with our service response and adding new capabilities to expand the range of services provided, thus differentiating ourselves from our competition. In particular, we have added new measurement capabilities which increase the value added to our customers and simplify their supply and logistics processes. Both C&H facilities are running well and we have recently recruited an experienced new manager for the Cheltenham unit to press forward with expansion prospects there. Energy and Medical Division (Metalcraft and Crown) As noted in our interim statement, the Energy and Medical Division recovery has been more sluggish than elsewhere, though the second half at Metalcraft was a clear improvement on the first half, with sales in the second half up by 19% versus the first six months of the year, despite some contract delays in the nuclear decommissioning area. The new MRI product for Siemens has yet to commence volume production, although prototype production has gone well overall, albeit with some programme slippage, largely for reasons beyond our control. Some delay in the programme is inevitable in a challenging technology area like this and we have adjusted our forecasts for the current financial year accordingly. Elsewhere, the return of significant project work was a feature at Metalcraft in the period and a number of contracts were delivered as well as new business secured for the new financial year. Crown's year was very poor indeed and resulted in a loss which held back the divisional performance. However, signs are more encouraging for the new year. More specifically at Metalcraft, sector developments were as follows: Medical: Metalcraft won the supplier of the year award in its sector from Siemens and the development of the next generation project is going well overall, as noted above. Contracts with other customers in the sector are also developing as expected: notably, AMS in China is now beginning to ship consistent product volumes. Power Systems: as previously reported, the start of the contract with Cummins did not go smoothly and we have been able to add a few months to the contract length, so that the normal running period remains as three years. Cummins business recovered quite strongly in the period and we are now effectively acting as their sole European supplier for generator frames. We have also started looking at what we need to do to supply Cummins in China. Discussions with other possible customers in this sector are making progress, though somewhat slower than we would ideally wish. Nuclear: new build preparations continue and we have quoted several prospects in this sector over the year, as the tier 1 and 2 players jockey for position. The Fukushima nuclear accident in Japan has certainly affected the timeline for new nuclear stations in the UK, with industry commentators forecasting a 6-12 month delay in consequence. Meanwhile, nuclear decommissioning work continues, with the Costain vessels being delivered, Sellafield vitrification plant sales on-going and the Magnox commissioning storage drums also being delivered at the time of reporting. The next stage of the Magnox storage project involves a contract worth an expected £4m and we are working hard to participate in a slice of this business. Marine: for many years, Metalcraft has supplied specialist pressure hulls into the marine market - specifically for rescue mini-submarines and diving support systems. This has developed nicely into a leading niche position for the business and results in a handful of profitable projects each year. Metalcraft China is developing as expected, with the new General Manager taking control of the operations there and securing the base business, as well as probing new opportunities. Crown International sadly had a very disappointing year as UK safety camera market saturation and delays to new road infrastructure projects conspired to produce a poor result. Crown made a loss in the year, but we continue to believe in the team and in the products that we have designed, which are proven in the field. Prospects are generally still promising, however, we cannot control the timing of these and, therefore, it is difficult to predict when Crown will return to profit. Positive steps have been taken to minimise costs and diversify the product line into adjacent markets, to spread the risk and ensure that future losses are mitigated. Industrial Products Division (Jena Tec) Orders for Jena Tec in the second half were even stronger than in the first half of 2011. This translated into sales of £10.6m, which were 56% ahead of 2010. The order strength came from all regions and sub-sectors served by Jena Tec. As well as general market recovery, another positive driver has been the strength of Asian markets. Jena Tec's direct orders there have increased, but the strength of the region has also led to some of Jena Tec's Asian competitors being unable to deliver in Europe and the USA. This left a gap which we have filled. The Asian supply shortages were compounded by the Japanese tsunami, which interrupted supply chains in a number of markets. Over the current financial period, we are seeing signs that growth is slowing, as equilibrium is restored and possibly also due to global market turbulence. At the start of 2011, Jena Tec signed its biggest ever contract, worth £1.8m over three years, for a European client in the medical equipment market space. New equipment has been ordered to meet the resulting increased demand for miniature ballscrews and deliveries are now expected to commence in the second half of the current financial period. Further necessary additions to plant and machinery are currently in process, as we seek to consolidate the gains made during the rebound and build further on our widening geographic footprint. Our US subsidiary had its best ever year, with the work that we undertook over the last two years to expand our distribution network paying dividends and global co-ordination of key account sales now becoming a feature of business at Jena Tec. The Jena Tec office in Shanghai is fully operational and we are winning more business in Asia as a result. In the UK, the new valve actuation product range launched at the end of 2010 shows promising signs of carving out a profitable niche and we have received first follow-on orders from E.ON for the product. During the period, Jena Tec UK also successfully completed delivery of a £0.6m Tier 1 Automotive project to upgrade specialist engine production facilities, building on the enabling acquisition of Moss Group Automation in 2009. People There have been no changes at Board or top level management in the period. In the divisions, we have sought to strengthen the management in all three, as business development opportunities have arisen and we map out our strategic path. Each of the businesses has added to the base of skilled engineering and technical personnel across the group. Future skills availability is an ongoing challenge, but each division has at least two options geographically to fish for talent, so we do not believe that we will be unduly constrained by skills availability. Outlook The patchy performance of the UK economy is not expected to have a material impact on Group prospects, except for at Crown, where, as outlined above, its continued dependence on UK Government spending is a source of uncertainty. Of greater concern is the turmoil in the Eurozone and USA, where broader scale economic effects may be detrimental to manufacturing in the mid-term. However, our main sectors - Civil Aerospace, Diagnostic Medical Imaging and Energy Infrastructure - remain relatively less sensitive to events in the Eurozone and US economies and are more dependent on Asian economic development than anything else. Our clear strategy continues to be our bedrock and to yield significant contract wins that will drive growth over the next 12 months and beyond, assuming that overall global economic conditions do not deteriorate further. Our investment in protected niches within long term structural growth markets enables us to take advantage of new opportunities and emergent new capabilities will differentiate us from the chasing competitive pack. M&A activity is more to the fore than at any time in the last three years and our strategy has been essential again in guiding us towards possible complementary acquisitions. Whilst we cannot guarantee that this will result in any activity during the current financial period, we will vigorously pursue any option that we believe will enhance shareholder value. The brand positioning of Sigma, Metalcraft and Jena Tec should give all stakeholders comfort that the Group is well placed in the long run, with the strength we are developing in China becoming more and more decisive in the race to win the OEM partnership contracts that will turn our prospects into profit. We are definitely up for the challenge and determined to become world-beating in our chosen fields. Roger McDowell Steve McQuillan Stephen King Chairman Chief Executive Chief Financial Officer 13 September 2011 13 September 2011 13 September 2011 Consolidated Income Statement for the year ended 31 May 2010 Note Year to Year to 31 May 31 May 2011 2010 £'000 £'000 Revenue 1 36,260 28,578 Cost of sales (25,609) (21,124) Gross profit 10,651 7,454 Distribution costs (1,209) (806) Administrative expenses (7,540) (6,488) Share based payment expense (28) (19) Warranty claim - 932 Restructuring costs (5) (145) Amortisation of intangibles from business combinations (137) (137) Operating profit 1 1,732 791 Finance income - 11 Finance costs (310) (332) Profit before taxation 1,422 470 Taxation 2 (161) 137 Profit for the financial year 1,261 607 Earnings per share : Total and continuing operations - Basic 3 4.9p 2.4p - Diluted 3 4.9p 2.4p Consolidated statement of comprehensive income Year to Year to 31 May 31 May 2011 2010 £'000 £'000 Profit for the year 1,261 607 Other comprehensive income for the year, net of tax Exchange differences on translation of foreign operations (117) (8) Total comprehensive income for the year 1,144 599 Consolidated Cash Flow Statement for the year ended 31 May 2011 Year to Year to 31 May 31 May 2011 2010 £'000 £'000 Operating activities Cash flows from operating activities 2,984 3,756 Finance costs paid (310) (332) Income tax (paid)/repaid (37) 94 Net cash inflow from operating activities 2,637 3,518 Investing activities Finance income - 11 Purchase of intangible assets (353) (448) Purchase of property, plant and equipment (982) (864) Proceeds from sale of property, plant and equipment 72 76 Net cash used in investing activities (1,263) (1,225) Financing activities Repayments of borrowings (661) (667) Repayments of obligations under finance leases (957) (1,226) Borrowings raised 1,071 580 Net cash outflow from financing activities (547) (1,313) Net increase in cash and cash equivalents 868 980 Cash and cash equivalents at beginning of year (1,279) (2,255) Effect of foreign exchange rate changes (112) (4) Cash and cash equivalents at end of year (564) (1,279) Cash generated from operations: for the year ended 31 May 2011 Year to 31 Year to 31 May 2011 May 2010 £000 £000 Continuing operations Profit before income tax 1,422 470 Adjustments for: Depreciation 1,153 1,387 Amortisation and impairment of intangible assets 421 340 Profit on disposal of property, plant and equipment (72) (51) Finance income - (11) Finance expense 310 332 Share based payment charge 28 19 Changes in working capital (Increase)/decrease in inventories (1,121) 174 (Increase)/decrease in trade and other receivables (1,384) 1,440 Increase/(decrease) in trade and other payables 2,217 (357) Other non cash charges 10 13 Cashflows from operating activities 2,984 3,756 Consolidated Balance Sheet at 31 May 2011 2011 2010 £'000 £'000 Non current assets Goodwill 10,242 10,242 Other intangible assets 1,983 2,050 Property, plant and equipment 9,983 10,090 Investment property 600 600 Deferred tax 39 39 Available for sale financial assets 219 219 23,066 23,240 Current assets Inventories 7,820 6,634 Trade and other receivables 8,854 7,479 Current tax asset 122 64 Cash and cash equivalents 1,716 1,097 18,512 15,274 Total assets 41,578 38,514 Current liabilities Trade and other payables (8,310) (5,849) Obligations under finance leases (871) (810) Borrowings (2,754) (3,040) Current tax liabilities (804) (479) Total current liabilities (12,739) (10,178) Non-current liabilities Borrowings (3,139) (3,600) Obligations under finance leases (1,565) (1,483) Deferred tax (1,277) (1,413) Deferred consideration - (154) Total non-current liabilities (5,981) (6,650) Total liabilities (18,720) (16,828) Net assets 22,858 21,686 Equity Share capital 1,274 1,274 Share premium account 9,534 9,534 Capital redemption reserve 814 814 Merger reserve 402 402 Translation reserve 511 628 Other reserves 180 180 Retained earnings 10,143 8,854 Total equity attributable to equity holders of the parent 22,858 21,686 Consolidated statement of changes in equity at 31 May 2011 Capital Share Share redemp- Trans- Capital premium tion Merger lation Other Retained Account account reserve reserve reserve reserves earnings Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 At 1 June 2009 1,274 9,534 814 402 636 180 8,228 21,068 Share-based payments - - - - - - 19 19 Transactions with owners - - - - - - 19 19 Profit for the - - - - - - 607 607 year Other comprehensive income Exchange rate loss - - - - (8) - - (8) Total comprehensive income for the year - - - - (8) - 607 599 Balance at 31 May 2010 1,274 9,534 814 402 628 180 8,854 21,686 At 1 June 2010 1,274 9,534 814 402 628 180 8,854 21,686 Share-based payments - - - - - - 28 28 Transactions with owners - - - - - - 28 28 Profit for the - - - - - - 1,261 1,261 year Other comprehensive income Exchange rate - - - - (117) - - (117) loss Total comprehensive income for the year - - - - (117) - 1,261 1,144 Balance at 31 May 2011 1,274 9,534 814 402 511 180 10,143 22,858 Notes to the preliminary statement 31 May 2011 1. Segmental analysis Unallocated Year ended 31 May 2011 Aerospace Energy and Industrial Central £'000 Medical Products items Total £'000 £'000 £'000 £'000 Revenue 12,711 12,963 10,586 - 36,260 Operating profit/(loss) 962 206 1,032 (468) 1,732 Net finance costs (310) Taxation 161 Profit after tax 1,261 Segment non-current assets 9,699 9,347 3,748 277 23,066 Segment assets 16,261 16,575 8,384 358 41,578 Segment liabilities (6,345) (5,364) (3,020) (3,991) (18,720) Net assets/(liabilities) 9,916 11,211 5,364 (3,633) 22,858 Unallocated Year ended 31 May 2010 Aerospace Energy and Industrial Central £'000 Medical Products items Total £'000 £'000 £'000 £'000 Revenue 9,632 12,177 6,769 - 28,578 Operating profit/(loss) 132 (58) 83 634 791 Net finance costs (321) Taxation 137 Profit after tax 607 Segment non-current assets 9,641 9,490 3,854 255 23,240 Segment assets 14,640 15,662 7,895 317 38,514 Segment liabilities (4,513) (4,666) (2,790) (4,859) (16,828) Net assets/(liabilities) 10,127 10,996 5,105 (4,542) 21,686 Geographical 2011 2010 2011 2010 Revenue Revenue Non-current Non-current £'000 £'000 assets assets £'000 £'000 United Kingdom 26,721 22,251 18,117 18,176 Europe 8,038 5,176 3,111 3,250 North America 2,318 1,559 3 5 Rest of the World 1,366 750 1,835 1,809 Eliminations (2,183) (1,158) - - 36,260 28,578 23,066 23,240 The Group has revenue of £5,634,000 (Aerospace) and £5,162,000 (Energy & Medical) with single external customers which each represent more than 10% of revenue. 2. Taxation 2011 2010 £'000 £'000 Current tax 297 (113) Deferred tax 136 (24) 161 (137) 3. Earnings per share 2011 2010 No No Weighted average number of shares - basic 25,480,577 25,480,577 Warrant/ Share Option adjustment 232,427 44,478 Weighted average number of shares - diluted 25,713,004 25,525,055 £'000 £'000 Earnings attributable to shareholders 1,261 607 Share-based payments 28 19 Amortisation of acquisition related intangibles 137 137 Adjusted earnings attributable to shareholders 1,426 763 Basic earnings per share 4.9p 2.4p Adjusted basic earnings per share 5.6p 3.0p Diluted earnings per share 4.9p 2.4p Adjusted diluted earnings per share 5.5p 3.0p 4. Preliminary statement This preliminary statement, which has been agreed with the auditors, was approved by the Board on 13 September 2011. It is not the Group's statutory accounts within the meaning of Section 434 of the Companies Act 2006. The statutory accounts for the two years ended 31 May 2011 and 2010 received audit reports which were unqualified and did not contain statements under s498(2) or (3) of the Companies Act 2006. The statutory accounts for the year ended 31 May 2010 have been delivered to the Registrar of Companies but the 31 May 2011 accounts have not yet been filed. 5. Annual report and Accounts The Report and Accounts for the year ended 31 May 2011 will be available on the Group's website www.avingtrans.plc.uk on or around 26 September 2011. Further copies will be available from the Avingtrans' registered office: Precision House, Derby Road, Sandiacre, Nottingham, NG10 5HU 6. Annual General Meeting The Annual General Meeting of the Group will be held at The Holiday Inn, Bostocks Lane, Sandiacre, Nottingham NG10 5NL at 10.30 a.m. on 24 October 2011.

Companies

Avingtrans (AVG)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today