‘Exceptional’ year puts Avingtrans back in the black

Roger McDowell, chairman of Avingtrans

Avingtrans, the Sandiacre-based manufacturer of components to the energy, medical and industrial sectors, is back in the black after posting a £100,000 profit for the year-ending 31 May 2016.
The firm, which sold its aerospace division for £65m in May, says that while its energy and medical divisions have remained flat, it is confident after turning the company around from a £700,000 loss in 2015.
Avingtrans sold its aerspace division – Sigma Components – to Silverfleet Capital Partners for £65m and has raised further cash by dispoing of its Aldridge, West Midlands, facility for £1.1m this year.
“This was an exceptional year for Avingtrans,” said chairman Roger McDowell.
“The group sold its Aerospace division for an enterprise value of £65m with the intention to return £28m of the disposal proceeds to shareholders through a tender offer, which we will announce shortly.
“Plans are advancing positively on the expected utilisation of the remaining funds, both organically and via acquisition.
“The Energy and Medical division performed in line with management expectations in the period and we look forward to the year ahead, as we prepare to capitalise on the major contract wins with Sellafield, Rapiscan, Bruker and EDF.
“With attractive structural growth markets and durable customer relationships, we remain cautiously confident about the future of Avingtrans.”

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