Trading Update and Notice of Half-Year Results
Summary by AI BETAClose X
NEWS RELEASE
Issued on behalf of Flowtech Fluidpower plc
Immediate Release
Flowtech Fluidpower plc
(the "Group")
Trading Update
and
Notice of Interim Results
London: Tuesday, 28 July 2026: AIM listed Flowtech Fluidpower plc (LSE: FLO), the specialist technical provider of hydraulic, pneumatic and process products, engineering services and projects provides a trading update for the six months ended 30 June 2026 (H1 2026).
Trading Update
The Group delivered a first half performance in line with the Board's expectations, with like-for-like revenue growth of 13.2%, representing a significant improvement on H1 2025. Combined with the contribution from recent acquisitions, H1 2026 Group revenue increased by 23.7% to £70.4m (H1 2025: £56.9m) with market share gains achieved across all three geographical regions.
The Group has continued to proactively respond to supply chain disruption and inflationary pressures resulting from the Middle East conflict through timely commercial and operational actions. These measures have helped manage margin pressures, maintained product availability and ensured continued high levels of customer service.
H1 2026 revenue does not include the originally anticipated level of contributions from two major bridge infrastructure projects, which are now expected to be more heavily weighted towards the second half of the year. Whilst the Group expects market conditions to remain challenging, it enters H2 2026 with a sales pipeline and forward order book, supported by new customer contracts, additional supplier agreements and continued execution of operational improvement initiatives, that provide confidence in a stronger second half performance.
Integration of the Group's recent acquisitions continues to progress well. Thorite is now fully embedded within the Group, while further strategic and operational progress has been made across Allswage and Thomas Group, both acquired during H1 2025. Q Plus has performed ahead of expectations since its acquisition in February, with integration progressing ahead of plan. More recently, the acquisition of Helipebs in June has already demonstrated its strategic value, securing more than £2 million of new orders shortly after completion.
For total consideration of approximately £6 million, the Group expects its five recent acquisitions to contribute approximately £30 million of annualised revenue and more than £3 million of annualised EBITDA. Beyond their immediate financial and margin enhancing contribution, these acquisitions offer significant opportunities to accelerate future organic growth through cross-selling, customer and regional expansion and procurement synergies.
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Excluding acquisitions** |
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Segment revenue |
H1 2026 |
H1 2025 |
FY 2025 |
Change H1 2026 v H1 2025 |
H1 2026 |
H1 2025 |
Change H1 2026 v H1 2025 |
|
|
Unaudited |
Unaudited |
Audited |
|
Unaudited |
Unaudited |
|
|
|
£m |
£m |
£m |
|
£m |
£m |
|
|
Great Britain |
48.2 |
41.7 |
86.6 |
+15.6% |
46.2 |
40.9 |
+12.8% |
|
Ireland |
12.2 |
10.2 |
20.8 |
+20.7% |
12.2 |
10.2 |
+20.7% |
|
Benelux |
10.0 |
5.0 |
9.5 |
+99.0% |
5.1 |
5.0 |
+1.1% |
|
Total Group revenue for the period |
70.4 |
56.9 |
116.9 |
+23.7% |
63.6 |
56.1 |
+13.2% |
|
Net debt * |
16.5m |
18.5m |
15.2m |
|
|
|
|
Notes:
* Net debt is bank debt; this excludes lease liabilities under IFRS 16.
** Acquisitions excluded from above numbers: Q Plus (February 2026), Helipebs (June 2026), Allswage (March 2025), Thomas Group (May 2025)
Pre-IFRS 16 net debt reduced to £16.5 million at 30 June 2026 (H1 2025: £18.5 million), providing £8.5 million of available headroom within the Group's £25 million committed banking facilities, which extend through to 2029.
The Group expects strong cash generation during the second half of the year, driven by earnings growth, the anticipated cash inflow from major infrastructure projects and the normal seasonal unwinding of working capital. As a result of the strong cash generation, net debt is expected to reduce further materially by the year end with a resultant improvement in leverage driven by this and the year-on-year growth in EBITDA.
SUMMARY & OUTLOOK
The Group continues to trade in line with market expectations for the year ending 31 December 2026. Whilst the Group expects market conditions to remain challenging, its sales pipeline, forward order book and continued execution of its four strategic sales growth levers (new digital platform, product and service expansion, engineering projects and inorganic opportunities), combined with increasing exposure to higher-growth sectors, including infrastructure, defence and transportation, provide confidence in continued revenue and profit progression during H2 2026.
The Group's digital investment programme is also gaining traction. The new website and e-commerce platform, launched in the UK during Q3 2025, continue to deliver encouraging increases in customer engagement, online traffic, and revenue growth. During Q3 2026 the platform will be rolled out across Ireland and Benelux; this will further strengthen the Group's digitally enabled customer proposition and support future organic growth.
Against a challenging macroeconomic backdrop, the Board is pleased with the Group's performance in H1 2026 and remains confident in the Group's strategic positioning and outlook for the remainder of the year. Combined with a stronger order book, accelerating digital capability and recent acquisitions performing ahead of expectations, the Group is well positioned to deliver continued growth in the second half and for the financial year as a whole. The Group has built a scalable operating platform that continues to generate market share gains, support margin progression and successfully integrate acquisitions and over time will create sustainable long-term shareholder value through both organic growth and disciplined acquisition activity.
NOTICE OF RESULTS
The Group is planning to announce its unaudited interim results for the six months ended 30 June 2026 on Tuesday, 8 September 2026; the results will be available to view and download from the Company's website https://flowtech.co.uk/investor-hub.
The Group will also be holding a 'live' presentation which will be hosted by CEO Mike England and CFO Russell Cash on the Investor Meet Company platform at 10.00am on Tuesday, 8 September 2026. Registration to join the event can be made following this link: https://www.investormeetcompany.com/flowtech-fluidpower-plc/register-investor.
Further information regarding the above HY programme of events can be obtained by contacting the advisers detailed below.
Note:
Market expectations compiled by the Company prior to this announcement for the year ending 31 December 2026:
|
Group revenue |
£136.8m |
|
Underlying EBITDA |
£10.2m |
|
Net debt (excluding IFRS16 lease liabilities). |
£11.3m |
|
ENQUIRIES: Flowtech Fluidpower plc Mike England, Chief Executive Officer Russell Cash, Chief Financial Officer Tel: +44 (0) 1695 52759 |
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Panmure Liberum (Nominated Adviser and Joint Broker) Nicholas How, Managing Director, Head of Business Services and Industrials William King, Assistant Director, Investment Banking Tel: +44 (0) 20 3100 2000 |
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Singer Capital Markets (Joint Broker) Sara Hale, Head of Investment Banking James Todd, Assistant Director, Investment Banking Tel: +44 (0) 207 496 3000 |
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TooleyStreet Communications (IR and media relations) Fiona Tooley Tel: +44 (0) 7785 703523 or email: fiona@tooleystreet.com |
EDITORS NOTE:
Flowtech Fluidpower plc
(AIM: FLO)
Flowtech is a leading specialist provider of Hydraulics, Pneumatics and Process engineering solutions across the UK, Ireland and the Benelux. We have built a strong brand reputation based on engineering excellence, with the ability to supply superior products, a suite of engineering services, and play a vital role in delivering major engineering projects across virtually all industry sectors. We serve the needs of our customers who design, build, maintain, and improve industrial plant and equipment operations.
Operating in a highly fragmented £30bn European market and with over 40 years of experience the Group has developed the technical and commercial expertise to enable its teams to service and support customers' needs, helping them minimise downtime, optimise performance and maximise the lifespan of operations.
The business employs over 600 highly skilled engineers, sales, and support staff across its current portfolio of Flowtech, Thorite, Allswage, Thomas Group, Q Plus and Helipebs Controls.
To read more about the Flowtech Group, please visit: https://flowtech.co.uk/investor-hub
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