Strong maiden figures for Flowtech Fluidpower

FLOWTECH Fluidpower has made a strong start to life as a public company.

In the six months to the end of June underlying operating profits were up 7.3% to £3.2m on sales of £17.1m, up 6.3%.

The Skelmersdale-based firm distributes hydraulic and pneumatic products. It was floated on the Alternative Investment Market by private equity house Gresham in May.

Flowtech said its businesses performed well despite challenging conditions in the UK and Europe. It is paying an interim dividend of 1.67p.

Chief executive Sean Fennon said: “We are delighted to have completed a successful IPO on AIM and thank you to all shareholders who have supported the company. Trading continues to be encouraging and in line with our expectations. In addition, we have a number of opportunities we are perusing with a view to accelerating channel development and geographic expansion.”

The company employs 200 people at five locations. The shares were worth 114p in May and are now valued at 133p giving the company a market capitalisation of £57m.

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