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Avingtrans sees results 'close' to expectations despite Covid-19 disruptions

By BFN News | 09:31 AM | Tuesday 07 July, 2020


Engineering group Avingtrans said its annual fiscal results were expected to be 'close' to original expectations, despite the widespread coronavirus-led disruption during the second half of the year. For the financial year ending 31 May 2020, the company expected revenue of £114m, down from £105m, and adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of at least £11.5m, up from £9.4m. 'It is notable that our results are expected to be close to original expectations despite the widespread disruption to our operations in all countries during our second half year,' the company said. As reported in its trading update on 9 April 2020, the group's order book and prospect pipeline 'remains strong overall, albeit that we have seen some reduced prospects in specific sectors, notably in oil and gas, where we have a limited exposure,' it added. The company said it was unable provide guidance on performance for fiscal 2021, citing the on-going uncertainly around the impact of COVID-19. At 9:31am: (LON:AVG) Avingtrans PLC share price was +18p at 250p Story provided by StockMarketWire.com

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