Flowtech confident despite ‘headwinds’
FLOWTECH Fluidpower, the AIM-listed company which specialises in technical fluid power products, says it had a “solid year” and 2015 revenues will be up 18% at around £44.7m.
In a trading update ahead of its full year figures, the Skelmersdale-based group said that despite some current “headwinds” in industrial markets, it is upbeat and is “actively pursuing” a number of possible acquisitions.
It said its 2015 results will be in line with expectations with gross margins robust, net debt to come in around £8.9m with the annual dividend raised 5% on 2014.
The group said: “Whilst industrial markets are currently presenting some challenges, the directors view the future with confidence and are optimistic that the company can continue to grow both organically and by acquisition, with a number of acquisition opportunities being actively pursued.”
Meanwhile the company said it had appointed Nick Fossey as managing director of its Power Motion Control division. Joining on March 1, he has been hired from Eaton Corporation where he spent almost 13 years, including as a director of sales and marketing EMEA for nearly 10 years. Prior to this he was MD at Rockwell Automation.