Avingtrans delivers 33% rise in revenue

1st Oct 2014 11:55

Avingtrans cheered with its full year results after posting a 33% rise in revenue to a record £60.3m thanks to recent acquisitions and a strong performance by its aerospace division.However, the group also operates a energy and medical division that would have seen a 7% reduction in growth had it not been for the acquisition of Maloney Metalcraft. Although the acquisition proved challenging, its performance offset a decline in divisional revenue and prevented it from registering a loss.Overall adjusted pre-tax profit rose from £1.9m to £3.5m, while earnings before interest, tax, depreciation and amortisation (EBITDA) climbed by 55%.Adjusted diluted earnings per share almost doubled to 13.7p, thanks in part to a favourable tax charge.Chairman Roger McDowell said: "Once again, I am pleased to report significant group revenue and EBITDA growth to shareholders."As before, there is no room for complacency. The group saw significant currency headwinds last year and short-term forecast variation means we need to remain agile. Aerospace remains in good health, with the recent acquisition of RMDG Aerospace consolidating our niche market leadership.Energy and Medical is also making headway in its restructuring plans.The group said it remained positive about the future and proposed a 1.8p per share final dividend, making 2.7p for the year, an increase of 23%.