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Avingtrans
- BY: Andrew Hore |
- POSTED: 16/09/2011 |
- COMMENTS: Add yours
Engineer Avingtrans reported slightly better than expected full year figures as it returned to profit in the year to May 2011.
Avingtrans focuses on the energy, aerospace and medical sectors and it has its own facilities in China as well as Europe. Its core market sectors are growing so there is scope for further recovery in the business combined with long-term growth prospects.
Revenues jumped from £28.6m to £36.3m, with all of the three divisions improving their revenues and profit contribution. Medical contributed more than one-third of revenues but made a small profit contribution. Avingtrans made an underlying profit of £1.6m, against a £200,000 loss the year before. Net debt fell from £7.9m to £6.6m. The dividend has been resumed and 0.4p a share is being paid for last year.
The Chinese factory made its first profit and production levels are increasing.
Avingtrans wants to buy further precision engineering businesses in its core energy, aerospace and medical sectors. Ideally, they should be based in the UK or Europe and fit in with the existing operations.
There are non-core parts of the business that Avingtrans wants to sell.
House broker finnCap forecasts a profit of £2.1m for 2011-12. At 57p a share, Avingtrans is valued at £14.5m. The shares are trading on 10 times prospective 2011-12 earnings.
Download the September 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2011_24.pdf
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