Avingtrans Plc FY25 Results: Strong Growth & AES Success

Avingtrans Plc (AIM: AVG), a designer, manufacturer, and supplier of critical components, modules, systems, and related services to the energy, medical, and industrial sectors, has released its preliminary results for the year ending 31 May 2025.

Financial Highlights:

Revenue from continuing operations rose 14.5% to a record £156.4m (2024: £136.6m).
Gross margin remained steady at 31.7% (2024: 32.2%).
Adjusted EBITDA from continuing operations slightly surpassed upgraded market expectations at £16.7m (2024: £14.0m), with AES achieving a 20% uplift to £21.5m, partially offset by lower-than-expected investment in MII.
Adjusted PBT was £8.6m (2024: £7.3m), reflecting AES growth and reduced restructuring costs.
Adjusted diluted earnings per share reached 23.7p (2024: 18.5p).
Net debt (excluding IFRS16) stood at £12.3m (2024: £6.1m), above market expectations.
A final dividend of 3.0p per share is proposed, totaling 4.9p for the year (2024: 4.7p).

Operational Highlights:

Energy (AES):

Revenue rose 13.9% to £151.5m (2024: £132.9m).
Adjusted EBITDA increased 20% to £21.5m (2024: £17.9m).
Hayward Tyler performed strongly, driven by global AI, data centre growth, transport electrification, and new nuclear power projects.
HT Inc secured a $10m contract from TerraPower for novel nuclear pumps.
Ormandy achieved record results benefiting from energy-demanding AI and data centre projects.
Metalcraft ramped up 3M3 box production for Sellafield.
Booth completed HS2 door tests and won additional HS2 contracts worth £12m (£7.5m post-period).
S&P division continued recovery with improved results.
Post-period, HTI secured $16m in nuclear equipment and spares orders from Korea Hydro & Nuclear Power.

Medical (MII):

Revenue rose to £4.9m (2024: £3.7m) as new MRI and X-ray products progress.
LBITDA increased to £3.6m (2024: £2.8m).
Adaptix appointed distributors in the UK and USA, with EU prospects identified.
Positive feedback from Radiological Society of North America, London Vet Show, and Farnborough International Airshow.
Adaptix’s NDT product won “Innovation of the Year” by the Aerospace Technologies Institute.
Magnetica expects FDA 510(k) submission in H2 FY26.
Magnetica also started a new MRI-guided therapy product concept for ViewRay® Inc.

Current Trading & Outlook:

Trading since 31 May 2025 is in line with management expectations.
Strong FY25 momentum continues into FY26, supported by AES contract wins.
Board confident in strategic direction for AES and MII, monitoring market conditions.
Targeted acquisitions will be considered to enhance shareholder value, while maintaining a conservative debt approach.

Chairman’s Comment (Roger McDowell):
“We are pleased to report another strong set of results. Despite global challenges, Avingtrans has exceeded market expectations. Investment in PIE strategy at Slack and Parr, Adaptix, and Magnetica was supported by record AES results. With favorable trends in AI, data centres, and nuclear power, we have a strong order book entering FY26 and expect continued organic growth.”