Avingtrans Expects 2H Trading To Be Profitable

15th Jun 2010 07:19

LONDON (Dow Jones)--Avingtrans PLC (AVG.LN), a designer, manufacturer and supplier of critical components and associated services to the energy, medical, industrial and global aerospace sectors, announced Tuesday the Board still expects to be profitable in the second half of the financial year. MAIN FACTS: -The Board expects further improvement in the Group's performance over the next 12 months. -Avingtrans subsidiary, Moss Group Automation, part of Avingtrans Industrial Products division, has secured a contract worth GBP650,000 for the supply of a retrofit of a transfer line machine system of a leading U.K. tier one supplier to the automotive industry, based in Coventry, U.K.. -The scope of supply includes the design, manufacture and retrofit of a complete series of CNC machine tool systems with more modern technology and machine tool components allowing faster productivity and throughput. -The complete project will be designed, installed and commissioned by January 2011. -Avingtrans investment in the brand names of Moss and Systematic, both well known trade names in the automotive industry has secured their position in the niche engineering sector and takes advantage of a shrinking skill set for this type of work available in the U.K.. -Shares closed Monday at 33.50 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires June 15, 2010 02:19 ET (06:19 GMT)