Resultados provisionales
28 de febrero de 2024
avingtrans plc
("Avingtrans", la "Empresa" o el "Grupo")
Resultados intermedios de los seis meses finalizados el 30 de noviembre de 2023
Avingtrans PLC (AIM: AVG), el grupo de ingeniería internacional que diseña, fabrica y suministra equipos originales, sistemas y servicios posventa asociados a los sectores energético, médico e industrial, anuncia hoy sus resultados provisionales para los seis meses finalizados el 30 de noviembre de 2023.
Aspectos financieros más destacados
· Group Revenue increased by 30.4% to £65.2m (2023 H1: £50.0m) in line with management expectations.
· Gross Margin reduced slightly to 31.6% (2023 H1: 32.6%) as a result of OEM versus aftermarket mix.
· Adj.*EBITDA increased by 14.1% to £7.3m, as a result of higher revenues (2023 H1: £6.4m).
· Adj.*EBITDA margin reduced to 11.2% (2023 H1: 12.8%), mainly due to higher OEM sales, and increased investment in the Medical division.
· Adj. Profit before tax £4.4m (2023 H1: £4.0m).
· Adj. Diluted Earnings Per Share from continuing operations increased to 11.7p (2023 H1: 9.8p).
· Cash outflow from operating activities of £3.6m (2023 H1: inflow £4.1m).
· Net debt (excl IFRS16 debt) at 30 November 2023 of £2.2m, (31 May 2023: £13.0m net cash) driven by:
o the investment in Slack & Parr ("S&P");
o acquisition of remaining 82% of Adaptix;
o en marcha investment in Magnetica; and
o a working capital outflow due to the timing of milestones of certain contracts and on-going supply chain disruption.
· Interim Dividend of 1.8 pence per share (2023 H1: 1.7 pence).
*Adjusted to add back amortisation of intangibles from business combinations, acquisition costs and exceptional items and discontinued operations.
Aspectos operacionales destacados
Advanced Engineering Systems Division
· Revenue increased by 31.3% to £63.7m, with continuing robust order cover.
· EBITDA increased by 20.0% to £8.5m (2023 H1: £7.1m), driven by increased revenue
· Post period end, EPM and PSRE merged, to form new AES division, led by Austen Adams.
· Acquisition of the assets of S&P in August 2023 for £4.1m, including plant lease debt absorbed.
· Successful full integration of HES/Hevac into Ormandy Bradford.
· Two new nuclear decommissioning contracts for Metalcraft worth £14.5m combined.
· HT Luton wins £2.5m defence contracts from Rolls Royce and a further £3.0m from Forsmark.
· HT Inc wins $10.0m contract from TerraPower for next gen nuclear power station.
Medical and Industrial Imaging Division
· Revenue steady year on year at £1.5m, pending the volume build-up of new MRI and X-ray products.
· LBITDA increased to (£0.6m), vs 2023 H1: (£0.2m) as MRI and X-ray development projects gathered pace
· Acquisition of Adaptix for a total of £ 7.2 millones, including absorbed and repaid debts.
· Magnetica appointed first US distributor, Televere Systems.
· Adaptix also appointed Televere as first US distributor, post period end.
· Positive launch at RSNA imaging conference - demonstrating market demand for both products.
· Adaptix equipping Scottish facility to manufacture key system components for Vet and Ortho products.
· Magnetica expanded into a bigger factory, to facilitate volume MRI system production, starting in FY25.
· Tecmag moved into improved premises, to gear up for Magnetica and Adaptix product sales in the USA.
· Adaptix commenced sales of Vet products in the UK and USA. Volumes expected to increase in next FY.
Al comentar sobre los resultados, Roger McDowell, presidente, dijo:
"Despite some continuing supply chain instability and inflationary pressures, our tried-and-tested Pinpoint-Invest-Exit ("PIE") approach produced strong results during the period, as evidenced by increased revenue and stable gross margins, resulting in a double-digit percentage growth in adjusted EBITDA.
"The Group has restructured itself, with the mature engineering business now all in one Advanced Engineering Systems (AES) division. We continue to invest in AES and also in the Medical and Industrial Imaging (MII) division. We are now deliberately structured for future exits that should maximise shareholder value. The marketing of the 3D X-ray systems at Adaptix and the development of MRI system at Magnetica are proceeding to plan, to hit key milestones in 2024. The first half results again demonstrate that we are proactively managing continuing progress in the AES division. Our value creation goals are on track, supported by a conservative approach to debt, which the Board deem to be prudent at this time..
"Our markets are always changing and Avingtrans continues to prioritise taking advantage of selected M&A opportunities, with the shrewd acquisitions of the assets of Slack and Parr and Adaptix in the first half, the latter greatly contributing to our exciting Medical division. We believe that the MII business will command a substantial valuation in due course. We remain optimistic about our prospects and the potential future opportunities across our markets.
We have solid visibility over H2 FY24 revenue and profits, thanks to a strong order intake and timely contract revenue recognition. Additionally, there are no destocking issues, since Group products are "make to order". Thus, the Board continues to be confident about our expectations for the full year and views the future positively."
Consultas:
avingtrans plc Roger McDowell, presidente Steve McQuillan, director ejecutivo Stephen King, director financiero
| 0135 469 2391 |
Mercados de capitales de cantante (Asesor designado y Broker) Shaun Dobson/Alex Bond/Oliver Platts
| 020 7496 3000 |
Asesoría IFC (Relaciones públicas financieras) | 0203 934 6630 |
Unidades de negocio de Avingtrans
Hayward Tyler - Luton y East Kilbride, Reino Unido y EE. UU., China e India Se especializa en el diseño, la fabricación y el mantenimiento de motores y bombas de rendimiento crítico para entornos desafiantes.
Slack and Parr, Kegworth, UK Focused on the design, manufacture and servicing of advanced precision gear metering pumps, industrial dosing pumps and hydraulics flow divider solutions.
Energy Steel, Inc - Rochester Hills, Míchigan, EE. UU. Proveedor de fabricaciones a medida para la industria nuclear, especializado en: Obsolescencia de piezas OEM; fabricaciones personalizadas; soluciones de diseño de ingeniería; renovación de productos; soporte técnico en sitio.
Stainless Metalcraft Ltd - Chatteris, Reino Unido y Chengdu, China |
Proveedor de equipos críticos para la seguridad para las comunidades de energía, medicina, ciencia e investigación en todo el mundo, que se especializa en recipientes de presión y vacío de precisión y fabricaciones, subensamblajes y sistemas asociados.
Booth Industries - Bolton, Reino Unido Diseña, fabrica, instala y da servicio a puertas y paredes que se pueden adaptar para que sean: a prueba de explosiones y explosiones; incombustible; blindado acústicamente; alta seguridad/protección; o combinaciones de los anteriores. |
Grupo Ormandy, Bradford, Reino Unido Diseño, fabricación y mantenimiento de plantas externas, intercambiadores de calor y otros productos HVAC (calefacción, ventilación y aire acondicionado).
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Composite Products Ltd - Buckingham, Reino Unido Centro de tecnología de compuestos, piezas y ensamblajes, que atiende a clientes en mercados industriales.
Magnetica Ltd - Brisbane, Australia Magnetica Limited se especializa en el desarrollo de tecnologías de resonancia magnética de próxima generación, incluidos los sistemas de resonancia magnética de extremidades dedicados y los componentes del sistema de resonancia magnética. Magnetica ha construido y probado con éxito un sistema de resonancia magnética ortopédica compacto e integrado de 3 Tesla, que demuestra imágenes de calidad clínica. La comercialización de este sistema (y otros) está en curso. La estructura de Magnetica ahora incluye otras dos unidades de negocios:
Scientific Magnetics - Abingdon, Reino Unido Diseña y fabrica sistemas de imanes superconductores y criogénicos asociados para una variedad de mercados, incluida la resonancia magnética, y brinda servicios para instrumentos de resonancia magnética nuclear.
Tecmag Inc - Houston, EE. UU. Designs, manufactures and installs instrumentation, including consoles, system upgrades, and probes, mainly for Magnetic Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR) systems.
Adaptix Ltd, Oxford & Edinburgh, UK Designs and manufactures novel 3D X-ray systems, with imaging from a stationary source, at a significantly lower dose than CT. Markets include orthopaedics, veterinary and non-destructive evaluation.
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Declaración del presidente
Despite some ongoing supply chain difficulties caused by various geopolitical events, we are happy to report another strong first half performance by Avingtrans. An improved EBITDA result has once again complemented a robust revenue performance compared to H1 FY23, primarily as a result of higher revenue and profit in the AES division. However, due to a higher level of OEM sales in the mix, the gross margin decreased slightly year on year. Even after the previously communicated significant additional investments in Magnetica and Adaptix and cash being utilised on acquiring Adaptix and the assets of Slack and Parr, our net debt position remains modest.
Both divisions' order cover for the remainder of FY24 remain strong and important new orders were booked in the period, including £14.5m of additional nuclear decommissioning orders for Metalcraft and a new design and development $10m order from TerraPower, for Hayward Tyler in the USA. In addition, there are no "destocking" issues for the Group, since our products are "make to order".
Our well-established Pinpoint-Invest-Exit ("PIE") model continues to yield positive outcomes, with ongoing improvement observed at Booth in particular. Advancements in our medical imaging strategy are evident as the Magnetica teams make significant progress in designing and building our proprietary compact MRI product for the orthopaedics market. Our overall stake in Magnetica is over 74%. Additionally, we completed the acquisition of the remaining 82% of Adaptix for an additional consideration of £7.2m (including absorbed and repaid debts). Its 3D X-ray systems are now being actively marketed, focused on the UK and the USA, in the orthopaedics, veterinary and non-destructive evaluation arenas. In the period, we also bought the assets of specialist pumps manufacture, Slack and Parr (S&P), out of administration, for £4.1m (including assumed plant lease debt. It is early in the recovery cycle, but the signs are positive for S&P so far. Investors will recall that Ormandy acquired the assets of local competitors HEVAC and HES for £852k, in early 2023. This has been successful, with Ormandy reporting significant results improvement, year on year.
Notwithstanding some supply chain disruptions still affecting the Group, our divisional management teams have demonstrated resilience in addressing these challenges. Signs of relief from this issue are gradually emerging. Positive progress continues in our aftermarket plans for AES, where we aim to outperform competitors by securing a larger share of the installed base service and support business, both for our products and third-party offerings. Enhanced end-user access provides a reliable and repeatable pipeline, contributing to increased profitability. We remain focused on maximising revenue opportunities arising from aftermarket access, both from our own businesses and through strategic partnership deals.
The AES division experienced a robust first-half, with revenue up by 31.3% year-on-year. Divisional margins decreased slightly, despite improving performances at Booth and Ormandy, due to the increased OEM sales. The Sellafield 3M3 box contract continues to progress in the second phase at Metalcraft, with a steady monthly delivery of boxes. Hayward Tyler (HT) continues to enjoy strong aftermarket sales, notably in the USA and in China. Although the Luton site sale process faced obstacles due to the pandemic and current economic challenges, active negotiations are ongoing.
In the Medical division, Magnetica continues steady progress in developing its compact MRI system, a prototype of which we were able to exhibit in the period. Magnetica expects to receive FDA 510(k) approval for its product early in FY25. Also, during the period, we completed the acquisition of Adaptix and we have begun to build up the necessary channels to market for their novel 3D x-ray systems, as well as equipping its Scottish facility for volume production.
Following this solid performance, the Board is announcing an increase of c6% in the interim dividend to 1.8 pence per share, reflecting our commitment to delivering long-term shareholder returns. This decision is underpinned by our positive outlook on Group prospects and supported by a prudent fiscal position.
In conclusion, the Board and I express our gratitude to all Avingtrans employees for their determination and resilience during another challenging period. We approach the future with cautious optimism and enthusiasm for the times ahead.
roger mcdowell
Presidente
27 de febrero de 2024
Note 1: A 510(k) is a premarket submission made to the FDA in the USA, to demonstrate that the device to be marketed is safe and effective.
Revisión de estrategia y negocio
Rendimiento del grupo
Avingtrans has a proven Pinpoint-Invest-Exit (PIE) business model, which drives improvements in design, original equipment manufacturing (OEM) and associated aftermarket services, affording the Group an improving margin mix, both in the near and longer term. The Group has progressively shifted to a product-based strategy over time, away from "build to print". Our Advanced Engineering Systems division forms the bulk of Avingtrans' operations. Effective longer-term development of the Group's nascent Medical and Industrial Imaging division is also a core focus for management, to create further shareholder value.
Estrategia
Avingtrans is an international precision engineering group, operating in differentiated, specialist markets, within the supply chains of many of the world's best known engineering original equipment manufacturers (OEMs), as well as positioning itself as an OEM to end users. Our core strategy is to build market-leading niche positions in our chosen market sectors - currently focused on the Energy, Infrastructure and Medical sectors. Over the longer term, our acquisition strategy has enabled our businesses to develop the critical mass necessary to achieve leading positions in our chosen markets.
Our strategy remains consistent with previous statements. The Group's unrelenting objective is to continue the proven strategy of "buy and build" in regulated engineering markets, where we see consolidation opportunities, potentially leading to significantly increased shareholder returns over the medium to long term. At the appropriate time, we will seek to crystallise these gains with periodic sales of businesses at advantageous valuations and return the proceeds to shareholders. We call this strategy PIE - "Pinpoint-Invest-Exit". Previous transactions, such as the disposal of Peter Brotherhood in 2021, have clearly demonstrated the success of this approach, producing substantial increases in shareholder value. We have built strong brands and value from smaller constituent parts and we have demonstrated well-developed deal-making skills and prudence in the acquisition of new assets.
The Board continues to focus on improvements in Hayward Tyler's operations, along with driving the performance of Booth, Ormandy and Metalcraft. This programme is progressing to plan. We are also focused on the opportunity to transform the medical imaging division's performance, via novel MRI products at Magnetica, as well as the more recent acquisition of Adaptix with its novel X-ray systems. The objective for the Group is to become a leading supplier in targeted energy, infrastructure and medical markets, of operation critical products and services, with a reputation for high quality and delivery on-time and on-budget. The Group has production facilities in its three key geographical regions (the Americas, Asia and Europe) with lower cost facilities in Asia (where appropriate) and product development and realisation in the UK, the USA and Australia. The Group will continue to invest in breakthrough and disruptive technologies in its chosen markets.
Avingtrans' primary focus in Energy is the nuclear sector - harvesting opportunities in decommissioning, life extension and next generation nuclear markets. We are also engaged with a variety of other niches in the renewable energy sector. The management will continue to build on our footprint in the wider power and energy sectors.
In order to maximise long term shareholder value via our PIE model, we reorganised the engineering businesses of the Group under a single division: Advanced Engineering Systems (AES) comprising of:
· Hayward Tyler's units in the UK (in Luton and East Kilbride), USA (in Vermont and Michigan), China and India.
· Metalcraft, Ormandy, Composite Products, Booth Industries and the recently acquired Slack and Parr assets.
In parallel, the focus of the Group's Medical Imaging division (MII) is to become a market leader in the production of compact, superconducting, cryogen-free MRI systems, targeted at specific applications including orthopaedic imaging and veterinary imaging. Production of certain existing products continues to support the division overall. This division now consists of Magnetica in Australia (the majority stake was acquired in January 2021) which has been successfully integrated with Scientific Magnetics, UK and Tecmag in the USA. More recently, we have sought to further strengthen our medical imaging strategy, via the acquisition of Adaptix, in Oxford, UK, which specialises in 3D X-ray technology, with the main target markets being orthopaedic and veterinary imaging.
Our businesses have the capability to engineer products in developed markets and to produce those products partly, or wholly, in low-cost-countries, where appropriate. This allows us and our customers to access low-cost sourcing at minimum risk, as well as positioning us neatly in the development of Chinese, Indian and other Asian markets for our products. Hayward Tyler is well established in China and India, providing integrated supply chain options for our blue-chip customers.
A central strategic theme for Avingtrans is to proactively nurture and grow the proportion of our business stemming from aftersales. We are targeting both our own installed base and the wider competitive installed bases of such equipment, in areas where we can offer an advantage to our end-user customers. This focus now applies mainly to our AES division, with the Medical division having pivoted to novel medical imaging products and services.
Energy and Infrastructure - Advanced Engineering Systems ("AES")
For Hayward Tyler ("HT"), the main priorities remain to strengthen its aftermarket capabilities and to maximise opportunities in the nuclear life extension market. HT was able to deliver a robust result in H1, with a strong order book and prospects for the year ahead.
At HT Luton, aftermarket activities remain the focus, including the servicing of third-party equipment. A follow on £3m contract in Sweden with Vattenfall for the Forsmark plant (for nuclear life extension) commenced in the period. Further defence orders have also been received from Rolls Royce and are being executed as planned.
Hydrocarbon related orders from the UK North Sea sector remained robust. We are still steadfastly progressing with the sale of the Luton site, albeit that this process has, as previously noted, been elongated, first by Covid-19 and now by macroeconomic disruption.
The HT Fluid Handling business in Scotland has been a consistently good performer and has fitted well into our ambitions to build a wider nuclear capability. The business has maintained a strong order book and the Transkem industrial mixers business has again contributed positively.
HT Inc in Vermont (USA) continues to see solid order intake in the nuclear life extension market in the USA. HT Inc's new R&D opportunities in next generation nuclear power have made good progress, with a further $10m design and development TerraPower contract booked in the period.
HT Kunshan (China) has developed a healthy order book, including an improving position in the aftermarket business, with new orders coming from Chinese electricity producers working on reducing the environmental impact of electricity production.
In India, the local team again delivered a solid H1 performance.
Energy Steel ('ES') in Michigan (USA) has sustained its positive momentum, with a good H1 order intake, albeit that some key orders slipped into H2.
Metalcraft has made good progress with Phase 2 of the Sellafield 3M3 ("three-cubic-metres") box contract and confirmed additional nuclear decommissioning orders of over £14m in the period, including the first contract from Magnox. The next follow-on 3M3 box contract tender, expected to be worth over £900m, is expected to be tendered in 2025 by Sellafield. The new apprentice training centre continues to build momentum.
Ormandy's performance improved year on year and order intake remains strong. The acquisition of HEVAC and HES at the start of 2023 has been central to the performance improvement.
Booth Industries maintained its strong growth trajectory. Booth has a record order book, including the £36m order for HS2 cross-tunnel doors, which was not affected by the recent HS2 phase 2 cancellation. The business is close to completing the giant proscenium doors for "The Factory" building in Manchester.
Composite Products had a reasonably good first half, boosted by new orders from Rapiscan.
Recently acquired Slack and Parr is showing early positive signs of recovery, as it begins its journey within the Group.
Imágenes médicas e industriales ("MII")
Magnetica, Scientific Magnetics (SciMag) and Tecmag are working effectively together to make good progress on our exciting development of compact, superconducting, helium-free MRI systems entirely in-house. Magnetica was able to exhibit its prototype system in the period and the FDA 510(k) approval is anticipated in early FY25. The business also appointed its first US distributor, Televere Systems, in the period.
Our initial estimate of the addressable orthopaedic imaging market is circa £1.7bn p.a. (by 2030). This is assuming a capital sale model. Our intended longer term "pay per scan" business model could mean that the opportunity is significantly larger. It is more difficult to quantify other potential market segments (e.g. veterinary imaging) at this stage because equivalent, dedicated products do not exist. Avingtrans has increased its investment in Magnetica, bringing its shareholding to over 74% of the issued share capital. We believe that materially reducing the size and total costs of these dedicated MRI systems, coupled with them being much easier to set up in a variety of locations, as well as increasing the scan rate by up to 300%, will produce a compelling sales proposition, ratified by interest from Key Opinion Leaders at the prestigious Radiological Society of North America conference, in Chicago. In addition, these dedicated systems could free-up capacity on the existing MRI system installed base, which should be a major benefit to healthcare organisations.
SciMag and Tecmag will rebrand in due course, to present a seamless image for the business. However, there is still merit in continuing with various existing products and services at SciMag and Tecmag, so long as they do not detract from our core vision for MRI, which holds out the prospect of materially increasing the value of Magnetica over the coming years. Orders for existing SciMag and Tecmag products were solid in the period.
In H1, Avingtrans acquired the remaining 82% of the share capital of Adaptix, Oxford, UK for £2.5m in Avingtrans shares. We also adopted (or settled) various debts, amounting to a further £4.7m. Adaptix launched its compact 3D x-ray system for orthopaedics in the USA, following receipt of its 510(k) approval by the FDA. Adaptix has also launched its veterinary version of the 3D x-ray product and initial orders for a non-destructive evaluation product were also booked in the period. We estimate that the Total Addressable Market value of these three segments is $6.8bn pa.
The strategies of Magnetica and Adaptix are convergent and we see potentially large benefits in combining their approaches to market in technology, software and distribution channels amongst others.
Mercados - Energía
Although worldwide energy demand witnessed a pause amid the pandemic, there has been a steady resurgence in growth in recent times. The Russia/Ukraine conflict has caused energy security concerns in many countries, which may accelerate the global shift towards enhanced efficiency and decarbonisation. This trajectory holds the potential to positively impact our ventures in the nuclear and renewables industries.
Usuario final/mercado de repuestos
Operators and end-users seek a combination of prompt local support and a necessity for progress through equipment upgrades and modernisation. Particularly in Western economies, where facilities exceed their intended design lifespans, there is a notable demand for solution providers within the supply chain to establish enduring partnerships with end-users. The Avingtrans AES division is strategically positioned to thrive in this market space focused on long-term collaborations with end-users.
Nuclear
Due to the Russia/Ukraine conflict, global government perspectives on nuclear power have experienced a resurgence, emerging resiliently from prior concerns about energy security. Despite being a low-carbon, baseload power source, the nuclear energy market remains asymmetric in terms of future growth. The majority of opportunities for new builds exceeding 1GW are presently concentrated in Asia, with limited prospects in the UK and proposed programmes in France. Nonetheless, certain market segments remain robust, including the support of operational fleets, life extensions, decommissioning, and reprocessing.
Our focus extends to the long-term development of next-generation technologies such as Small Modular Reactors (SMRs) and Advanced Generation IV Reactors, exemplified by our collaboration with TerraPower in the USA. These segments suffer from a consolidating supply chain and a scarcity of expert knowledge. The USA, boasting the largest civil nuclear fleet globally, coupled with the presence of heritage Westinghouse technology in Europe and Asia, positions our Hayward Tyler businesses for further growth.
Addressing obsolescence and life extension is crucial for nuclear operators worldwide and the AES division is well-equipped to support operators in managing this critical risk. Our Energy Steel business also enhances the Group's capabilities in this domain.
The UK maintains a leading role in decommissioning, characterised by innovative technology and substantial expenditures. Our Group plays a pivotal role in the future manufacture of waste containers for Sellafield, anticipating continued expansion in the UK and global markets over the long term. Ongoing development of new nuclear technologies is evident in the UK, South Korea, the USA, and China. The Group sees these innovations as an attractive avenue for growth and is poised to evolve as a global industry partner.
Generación de energía
The global trend towards electrification persists, directing an increasing share of primary energy toward the power sector, a central focus within the Group's engineering division. Apart from nuclear, key sub-sectors encompass:
Coal: Despite a global decline in the establishment of new power stations, the Group continues to witness robust aftermarket activity from coal-fired power stations. Opportunities persist in regions such as India, China, Southeast Asia, Eastern Europe, and the Middle East. Hayward Tyler is actively diversifying its product applications, such as the introduction of Selective Catalytic Reduction (SCR) systems, aimed at reducing emissions from power stations.
Gas: The growing market for natural gas, particularly in the form of combined cycle gas turbine power plants, is predominantly observed in the West. The Group has a modest position in this market, with both existing and new product lines.
Renewables: The global market for renewable technologies and their associated infrastructure is expanding. The Group possesses a range of products applicable to this market segment. Furthermore, the Group's expertise can be leveraged to develop new products, including innovations like molten salt pumps for concentrated solar power applications.
Hidrocarburos
Oil demand picked up following both the pandemic easing and then being driven by the Russia / Ukraine conflict, despite weakness in the Chinese economy. The Brent crude price is now trading in the range of $75 to $85 per barrel. As a result, new capital expenditure in the sector has recovered and we continue to see momentum building in aftermarket orders.
Mercados - Médico
The diagnostic imaging market is a large global sector, dominated by a few large systems manufacturers. The total Diagnostic Imaging Market is estimated to be worth $47.4bn , according to GlobalData, mainly driven by an increase in the prevalence of chronic diseases and increased demand for imaging procedures from an ageing population. The largest market is the USA, followed by Europe and Japan. The fastest growing markets are China and India.
After the acquisition of a majority stake in Magnetica (AUS) in January 2021, we merged Magnetica with Scientific Magnetics (UK) and Tecmag (US), to create an innovative, niche-MRI systems supplier, which can address specific parts of the market, not well served by dedicated products at present. This includes, for example, orthopaedic and veterinary imaging. Although Magnetica is primarily targeting the Magnetic Resonance Imaging (MRI) market, Nuclear Magnetic Resonance (NMR) and magnets for physics continue to be of interest, due to the similar requirements for spectrometers, superconducting magnets and cryogenics.
Following the acquisition of Adaptix in the period, we are now targeting X-ray imaging, also in the orthopaedic and veterinary imaging market segments.
Según la Investigación y Mercados, MRI itself is approximately 18% by value of the total diagnostic imaging market and is projected to grow at 5% p.a. X-ray itself represents circa 33% of the total market. For both Magnetica and Adaptix, the addressable portion of the X-ray and MRI markets we believe we can access is now estimated to be over $7bn (including veterinary applications).
Usuario final/mercado de repuestos
The MRI market segment is dominated by a handful of manufacturers, including titans like GE, Siemens, Philips and Canon, who account for circa 80% of revenue globally. These players also dominate the aftermarket, although there are a few independent MRI service businesses in existence. Magnetica and Adaptix are not present in the MRI aftermarket at this time, but both will naturally service the aftermarket for their own products.
Magnetica and Adaptix are planning to create new niche markets for MRI and X-ray. Our first target is orthopaedic imaging, where the development of Magnetica's system is on-going and Adaptix is now working on scaling up production of its system, as well as a related system for veterinary imaging.
Infraestructura y Seguridad
Global safety and security concerns, as well as risk mitigation on large infrastructure projects, are key drivers for growth at Booth and we are cultivating these opportunities carefully. Thus far, the vast majority of Booth's sales are in the UK but the business is building up a prospect pipeline overseas. We have also continued to build the aftermarket order book, with good prospects.
Los estándares de detección de amenazas para el manejo de equipaje en los aeropuertos y el escaneo de paquetes se han endurecido en todo el mundo, especialmente en Europa y EE. UU. Con muchos millones de bolsas y paquetes que cruzan los cruces fronterizos todos los días, los dispositivos de detección deben cumplir con los estándares de detección de amenazas sin afectar el rendimiento. Rapiscan, el mayor cliente de productos compuestos, es líder del mercado en este sector, cuya presencia aumenta a medida que se implementan nuevos estándares.
Following the acquisition of Adaptix, we are exploring various possible security applications of their 3D X-ray technology products as tools in various Non-Destructive Evaluation (NDE) markets, with an estimated addressable market of c$1.4bn.
Rendimiento Financiero
Indicadores clave de rendimiento
El Grupo utiliza una serie de indicadores financieros clave de desempeño para monitorear el negocio, como se establece a continuación. La Compañía publica KPI más detallados y operativos en su informe anual. Las cifras se refieren únicamente a las operaciones continuas.
Revenue: increase year on year largely driven by additional OEM business at Hayward Tyler
Overall Group revenue increased by 30.4% to £65.2m (2023 H1: £50.0m). The principal reason for the increase was additional OEM business at Hayward Tyler, and aided by sales in S&P.
Gross margin ('GM') - a modest reduction, primarily due to OEM and aftermarket mix
GM decreased to 31.6% (2023 H1: 32.6%), primarily a result of the increased OEM sales in the mix and lower GM contribution by the recently acquired S&P as it recovers its trading position.
Margen de utilidad: aumento de EBITDA impulsado por mayores ingresos.
Adjusted EBITDA (note 4) increased by 14.1%, to £7.3m, on higher revenues (2023 H1: £6.4m) mainly due to increased revenue and profit in the AES division, in turn driven by improved results at Hayward Tyler, Booth and Ormandy. However, this was subdued by the initial post-acquisition EBITDA break-even at S&P and the pre commercialisation costs at Adaptix (£1.0m) in the period. If these were excluded the underlying EBITDA would be £8.3m - a c.30% increase in EBITDA.
Tax: future profits and cash still protected by available losses
The effective rate of taxation at Group level was a 15.6% tax charge. A higher R&D tax credit than forecasted and the use of Group losses kept the rate lower than expected in the UK. The Group tax position will continue to be aided in the coming years by the utilisation of historic losses available in the UK.
Adjusted Earnings per Share (EPS): c8% improvement.
Adjusted diluted earnings per share from continuing operations was up at 11.7p (2023 H1:10.8p) subdued by the impact of Adaptix and S&P acquisition in H1.
Basic and diluted earnings per share from continuing operations remained at 8.8p (2023 H1: 8.8p) and 8.6p (2023 H1: 8.6p), due to acquisition, and restructuring costs and the impact of the acquisitions in the period.
Funding and Liquidity: net debt position after investment but remains modest.
La deuda neta disminuyó a £2.2m, excluding IFRS16 debt (31 May 2023: £13.0m net cash), following the acquisition of, and investment in Adaptix and S&P, further investment in Magnetica and a working capital outflow resulting from timing milestones of certain contracts. Cash outflow from operating activities in the period was £3.6m (2023 H1: inflow £4.1m) - although this includes operating cash outflow for the acquired S&P and Adaptix of £2.6m and exceptional acquisition and restructuring costs of £0.5m.
Dividendo: dividendo a cuenta incrementado progresivamente.
El Directorio continúa con su política de aumentos graduales de dividendos. El dividendo es de 1.8 peniques por acción (2023 H1: 1.7 peniques). El dividendo se pagará el 21 de junio de 2024 a los accionistas registrados el 24 de mayo de 2024.
ESG (ambiental, social y de gobierno)
Avingtrans is endeavouring to attain a high level of clarity on ESG matters. We will be reporting on this task more fully, in our next Annual Report. However, we comment on some ESG related matters below, to keep our investors informed.
Personas
There were no personnel changes at Board level. Notably, at Board level, we have now set up an ESG Committee, chaired by Jo Reedman.
At divisional management level, we merged the EPM and PSRE divisions to create the AES division. Consequently, Austen Adams, formerly the managing director of the PRSE division, has assumed leadership of this newly integrated division. The Board would like to extend its sincere best wishes and gratitude to Mike Turmelle, the former head of the EPM division, who has stepped down from his role and left the Company. His contributions during his tenure at Avingtrans are highly appreciated.
Despite a currently tight labour market in the UK and the USA, we continue to strengthen the management teams in the divisions, with further appointments being made in the period and with an emphasis on aftermarket opportunities, where applicable. Skills availability is always challenging, especially so this year but we do not expect to be materially disadvantaged in the market. We continue to invest significant effort in developing skills and talent, both through structured apprenticeship programmes and graduate development plans, across a number of business units. The apprentice training school based at Metalcraft continues to develop, with West Suffolk College (WSC) as the operator and training provider at the centre. The Group continues to be recognised nationally for the strength of its apprenticeship training schemes.
Sostenibilidad
Hemos desarrollado una sólida estructura de gobierno que respalda el trabajo proactivo y colaborativo destinado a abordar los riesgos y oportunidades ambientales, sociales y de gobierno (ESG) en todo el Grupo.
Nuestro enfoque de la sostenibilidad está alineado con los Objetivos de Desarrollo Sostenible (ODS) de la ONU y nuestras prioridades son:
· Salud, seguridad y bienestar· Ecoeficiencia operativa
· Desarrollo de tecnologías más limpias
Salud, seguridad y bienestar
As frequent acquirers, we encounter varying levels of capability and knowledge among different businesses. In smaller acquisitions, a common investment focus is disseminating Health, Safety, and Environment (HSE) best practices from other Group businesses, elevating local processes to meet required standards. Larger acquisitions, such as HTG in the past, typically have well-established HSE practices, and we actively seek to incorporate these learnings into other business units. Health and Safety incident reporting has shown improvement across the Group, with incident trends generally on a positive trajectory in recent years. We encourage near miss reporting and foster knowledge exchange to facilitate learning and continuous improvement. At the Board level, Les Thomas oversees HSE matters, conducting inspections and reviews with local management as needed. The Board takes an active interest in progress during site visits around board meetings.
Ecoeficiencia operativa
We are pleased to report a significant reduction in carbon intensity at our UK sites during FY23, with Scope 1 and 2 emissions decreasing by 21% to 2,104 tCO2e compared to the previous year, despite the growth in revenues. This achievement is a testament to the focused efforts of our employees and the development of a culture that prioritizes waste reduction.
To drive further improvements in FY24, we have established an ESG Committee chaired by Jo Reedman, a Non-Executive Director. This committee will be responsible for defining the Group's ESG strategy, as well as setting objectives and key performance indicators.
Desarrollo de tecnologías más limpias
Our Hayward Tyler business continues to have success winning work for new nuclear projects, securing a $10m contract during the period, relating to the development of high-temperature molten salt pumps destined for a state-of-the-art Integrated Effects Test facility, under development by Southern Company and TerraPower, to advance development of the Molten Chloride Fast Reactor.
Magnetica's helium-free, compact MRI product development is proceeding to plan, with sales expected to commence during 2024. Helium is a scarce, non-renewable resource, mostly obtained as a by-product of oil extraction.
Responsabilidad Social Corporativa
The Group maintains the highest ethical and professional standards across all of its activities and social responsibility is embedded in operations and decision making. We understand the importance of managing the impact that the business can have on employees, customers, suppliers and other stakeholders. The impact is regularly reviewed to sustain improvements, which in turn supports the long-term performance of the business. Our focus is to embed the management of these areas into our business operations, both managing risk and delivering opportunities that can have a positive in?uence on our business.
The Group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them directly and on ?nancial and broader economic factors affecting the Group. Avingtrans regularly reviews its employment policies. The Group is committed to a global policy of equality, providing a working environment that maintains a culture of respect and re?ects the diversity of our employees. We are committed to offering equal opportunities to all people regardless of their sex, nationality, ethnicity, language, age, status, sexual orientation, religion, or disability.
Creemos que los empleados deben poder trabajar de manera segura en un lugar de trabajo saludable, sin temor a ninguna forma de discriminación, intimidación o acoso. Creemos que el Grupo debe demostrar una combinación justa de género en todos los niveles de nuestro negocio, al tiempo que reconocemos que la demografía de la ingeniería y la fabricación de precisión sigue siendo predominantemente masculina, lo que, hasta cierto punto, está fuera de nuestro control.
Política ética
El Grupo cumple con la Ley contra el soborno de 2010. No toleramos el soborno, la corrupción ni ningún otro comportamiento poco ético por parte de ninguna de nuestras empresas o socios comerciales en ninguna parte del mundo. Se ha renovado la formación de los empleados en todas las áreas del negocio, para asegurar el cumplimiento de la Ley.
Outlook
The Group is actively investing in both of its divisions, concentrating on the global energy, infrastructure and medical markets to optimise shareholder value through future exits. Magnetica is advancing well in the development of compact MRI systems, as is Adaptix in deploying its 3D X-ray technology. Positive results are evident in various business units, notably at Booth and Ormandy, as highlighted by the first-half outcomes. Our value creation goals are on track, supported by a conservative approach to debt, especially crucial during the current macroeconomic challenges.
The AES division maintains a robust focus on nuclear power, thermal, and hydrocarbon markets, along with their associated aftermarkets. The MII division is fully focussed on innovative compact MRI systems and 3D X-ray solutions for niche applications. Each division has a clear strategy to support end-user aftermarket operations, servicing their equipment and relevant third-party equipment where appropriate, to capitalise on the ongoing demand for efficient, reliable, and safe facilities.
Whilst ongoing disruptions in supply chains remain a primary uncertainty, we believe that the situation will now gradually ease looking forward. Inflationary pressures continue to impact our businesses, but we are actively working to mitigate these risks, maintaining stable margins through considerable proactive efforts by our business units. Conversely, the Group does not suffer from destocking issues seen elsewhere, since our products are "make to order".
Our markets are dynamic, and we prioritise strategic M&A opportunities. We are particularly interested in turnaround prospects and long-term buy-and-build scenarios, recognising that businesses like ours can achieve high valuations at the point of exit. While the Board remains vigilant, we are confident in the current direction and potential future opportunities across our markets. We will refine our strategy by pinpointing specific acquisitions as opportunities arise, building businesses that generate sustainable shareholder value, all while maintaining a prudent level of financial flexibility to mitigate unforeseen risks. With a strong first-half performance and a robust order book, the Group is well-positioned to meet market expectations for the full year.
Roger McDowell Steve McQuillan Stephen King
Chairman Chief Executive Officer Chief FinancialOfficer
27 de febrero de 2024 27 February 2024 27 February 2024
Estado de Resultados Consolidado (No Auditado)
por los seis meses terminados el 30 de noviembre de 2023
meses a 6 | meses a 6 | Año hasta | |
30 NOV 2023 | 30 NOV 2022 | 31 mayo 2023 | |
| 000 £ | 000 £ | 000 £ |
|
| ||
Ingresos | 65,190 | 50,010 | 116,437 |
| |||
El costo de ventas | (44,567) | (33,714) | (78,137) |
|
|
| |
Beneficio bruto | 20,623 | 16,296 | 38,300 |
Costos de distribucion | (2,722) | (2,319) | (4,458) |
Otros gastos administrativos | (14,340) | (10,390) | (25,866) |
Beneficio de explotación antes de la amortización de intangibles adquiridos, otros elementos no subyacentes y elementos excepcionales
Amortización de intangibles por combinaciones de negocios |
4,597
(410) |
4,317
(583) |
9,452
(993) |
Otros elementos no subyacentes | (129) | (116) | (237) |
Costo de adquisición | (323) | - | (14) |
Costos de reestructuración | (174) | (31) | (232) |
|
|
|
|
Beneficio operativo | 3,561 | 3,587 | 7,976 |
| |||
Ingresos financieros (Nota 5) | 287 | 2 | 109 |
Costos financieros (Nota 5) | (483) | (291) | (609) |
|
|
|
|
Beneficio antes de impuestos | 3,365 | 3,298 | 7,476 |
Fiscalidad (Nota 3) | (525) | (454) | (1,246) |
|
|
|
|
Beneficio después de impuestos de operaciones continuadas | 2,840 | 2,844 | 6,230 |
|
|
|
|
Loss after taxation from descontinuar operaciones | - | (327) | (1,168) |
|
|
|
|
Beneficio del ejercicio económico | 2,840 | 2,517 | 5,062 |
|
|
|
|
El beneficio es atribuible a: Propietarios de Avingtrans PLC Interes no controlado Total
Beneficio por acción: |
2,840 (207) 2,633
|
2,660 (143) 2,517 |
5,194 (132) 5,062 |
De operaciones continuas | |||
- Básico (Nota 6) | 8.8p | 8.8p | 19.4p |
- Diluido (Nota 6) | 8.6p | 8.6p | 18.9p |
De operaciones continuas y discontinuas | |||
- Básico (Nota 6) | 8.8p | 7.8p | 15.7p |
- Diluido (Nota 6) | 8.6p | 7.6p | 15.3p |
|
|
|
Estado consolidado de resultados integrales (No auditado)
por los seis meses terminados el 30 de noviembre de 2023
meses a 6 | meses a 6 | Año hasta | |
30 NOV 2023 | 30 NOV 2022 | 31 mayo 2023 | |
| 000 £ | 000 £ | 000 £ |
|
| ||
Beneficio del período | 2,840 | 2,517 | 5,062 |
Elementos que no se reclasificarán posteriormente a resultados |
| ||
Remedición del pasivo neto por beneficios definidos | - | - | (1,388) |
Impuesto a las ganancias relativo a partidas no reclasificadas | - | - | 347 |
Elementos que pueden/serán posteriormente reclasificados a resultados |
| ||
Diferencias de cambio en la conversión de operaciones en el extranjero | (358) | 514 | (579) |
|
|
| |
Beneficio integral total del período | 2,482 | 3,031 | 3,442 |
|
|
|
|
Balance de situación consolidado resumido (No auditado)
al 30 de noviembre de 2023
30 NOV 2023 | 30 NOV 2022 | 31 mayo 2023 | |
000 £ | 000 £ | 000 £ | |
Activos no corrientes |
| ||
Goodwill | 28,095 | 21,420 | 21,585 |
Otros activos intangibles | 28,919 | 16,224 | 18,790 |
Propiedad, planta y equipo. | 28,522 | 23,195 | 23,612 |
Inversiones | - | 4,000 | 8,000 |
Activos por impuestos diferidos | 930 | 1,756 | 666 |
Pensiones y otras obligaciones de los empleados | 526 | 1,829 | 526 |
|
|
| |
86,992 | 68,424 | 73,179 | |
|
|
| |
Activos circulantes |
| ||
Los inventarios | 19,369 | 13,945 | 12,656 |
Clientes y otras cuentas por cobrar: con vencimiento dentro de un año | 57,832 | 49,213 | 49,691 |
Deudores comerciales y otras cuentas a cobrar: con vencimiento superior a un año | 1,479 | 1,518 | 1,550 |
Activo por impuesto corriente | 1,678 | 285 | 618 |
Los activos mantenidos para la venta | - | 1,614 | - |
Efectivo y equivalentes de efectivo | 13,918 | 22,007 | 17,717 |
|
|
|
|
| 94,276 | 88,583 | 82,232 |
|
|
|
|
los activos totales | 181,268 | 157,007 | 155,411 |
|
|
|
|
|
| ||
Pasivo circulante |
| ||
Comerciales y otras cuentas a pagar | (39,651) | (32,496) | (32,140) |
Pasivos por arrendamiento | (2,658) | (1,083) | (1,503) |
Préstamos | (6,199) | (2,676) | (3,077) |
Pasivos por impuestos corrientes | (1,287) | (941) | (1,303) |
Provisiones | (1,212) | (1,659) | (1,315) |
Derivados | (13) | (10) | (15) |
Pasivos asociados con activos mantenidos para la venta | - | (218) | - |
|
|
|
|
Total pasivo corriente | (51,020) | (39,082) | (39,353) |
|
|
| |
| |||
Pasivos no corrientes |
| ||
Préstamos | (7,262) | (674) | (669) |
Pasivos por arrendamiento | (5,628) | (3,069) | (3,328) |
Impuesto diferido | (3,976) | (4,458) | (3,238) |
Otros acreedores | (348) | (1,268) | (368) |
|
|
| |
Total pasivo no corriente | (17,214) | (9,469) | (7,603) |
|
|
| |
Pasivos totales | (68,234) | (48,551) | (46,956) |
|
|
| |
Activos netos | 113,034 | 108,455 | 108,455 |
|
|
| |
Equidad |
| ||
Capital social | 1,645 | 1,607 | 1,612 |
Compartir cuenta premium | 18,452 | 15,693 | 15,979 |
Reserva de amortización de capital | 1,299 | 1,299 | 1,299 |
Reserva de traducción | 1,152 | 1,368 | 1,170 |
Reserva de fusión | 28,949 | 28,949 | 28,949 |
Otras reservas | 1,457 | 1,457 | 1,457 |
Inversión en acciones propias | (4,235) | (4,235) | (4,235) |
Ganancias retenidas | 61,545 | 60,490 | 59,811 |
|
|
|
|
Patrimonio total atribuible a los accionistas de la controladora | 110,264 | 106,628 | 106,042 |
|
|
| |
Interes no controlado | 2,770 | 1,827 | 2,413 |
|
|
| |
Equidad total | 113,034 | 108,455 | 108,455 |
|
|
|
Estado de cambios en el patrimonio neto consolidado (No auditado)
al 30 de noviembre de 2023
| Compartir capital | Compartir producto de más alta calidad. cuenta | Capital redimir- desarrollo reserva | Fusión reserva | Trans- lación reserva | Otro reservas | Inversión en acciones propias | Ganancias retenidas | Total Titulares atribuibles del Grupo |
Interes no controlado |
Total Equidad |
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
|
| ||||||||||
Al 1 de junio de 2022 | 1,607 | 15,693 | 1,299 | 28,949 | 825 | 1458 | (4,235) | 58,223 | 103,818 | 1,999 | 105,817 |
Acciones ordinarias emitidas | - | - | - | - | - | - | - | - | - | - | - |
Dividendos pagados | - | - | - | - | - | - | - | (507) | (507) | - | (507) |
Pagos basados en acciones | - | - | - | - | - | - | - | 114 | 114 | - | 114 |
Total de transacciones con propietarios | - | - | - | - | - | - | - | (393) | (393) |
- | (393) |
|
|
| |||||||||
Beneficio del período | - | - | - | - | - | - | - | 2,660 | 2,660 | (143) | 2,517 |
Inversión en subsidiaria con participación no controladora | - | - | - | - | 29 | - | - | - | 29 | (29) | - |
Otro resultado integral | |||||||||||
Ganancia de tipo de cambio | - | - | - | - | 514 | - | - | - | 514 | - | 514 |
Resultado integral total del período | - | - | - | - | 543 | - | - | 2,660 | 3,204 | (172) | 3,031 |
Saldo en Noviembre 30 2022 | 1,607 | 15,693 | 1,299 | 28,949 | 1,368 | 1,458 | (4,235) | 60,490 | 106,628 | 1,827 | 108,455 |
Al 1 dic 2022 | 1,607 | 15,693 | 1,299 | 28,949 | 1,368 | 1,458 | (4,235) | 60,490 | 106,628 | 1,827 | 108,455 |
Acciones ordinarias emitidas | 5 | 286 | - | - | - | - | - | - | 291 | - | 291 |
Dividendos pagados | - | - | - | - | - | - | - | (824) | (824) | - | (824) |
Pagos basados en acciones | - | - | - | - | - | - | - | 123 | 123 | - | 123 |
Total de transacciones con propietarios | 5 | 286 | - | - | - | - | - | (701) | (410) | - | (410) |
|
|
| |||||||||
Beneficio del período | - | - | - | - | - | - | - | 2,534 | 2,534 | 11 | 2,545 |
Inversión en subsidiaria con participación no controladora | - | - | - | - | 895 | - | - | (1,470) | (575) | 575 | - |
Otro resultado integral | |||||||||||
Ganancia actuarial del período en régimen de pensiones | - | - | - | - | - | - | - | (1,388) | (1,388) | - | (1,388) |
Impuesto diferido sobre el movimiento actuarial del plan de pensiones | - | - | - | - | - | - | - | 347 | 347 | - | 347 |
Ganancia cambiaria | - | - | - | - | (1,093) | - | - | - | (1,093) | - | (1,093) |
Resultado integral total del período | - | - | - | - | (198) | - | - | 23 | (175) | 586 | 410 |
Saldo en 31 de mayo de 2023 | 1,612 | 15,979 | 1,299 | 28,949 | 1,170 | 1,458 | (4,235) | 59,812 | 106,043 | 2,413 | 108,455 |
Al 1 de junio de 2023 | 1,612 | 15,979 | 1,299 | 28,949 | 1,170 | 1,458 | (4,235) | 59,812 | 106,043 | 2,413 | 108,455 |
Acciones ordinarias emitidas | 33 | 2,473 | - | - | - | - | - | - | 2,506 | - | 2,506 |
Dividendos pagados | - | - | - | - | - | - | - | (538) | (538) | - | (538) |
Pagos basados en acciones | - | - | - | - | - | - | - | 129 | 129 | - | 129 |
Total de transacciones con propietarios | 33 | 2,473 | - | - | - | - | - | (409) | 2,097 |
- | 2,097 |
|
|
| |||||||||
Beneficio del período | - | - | - | - | - | - | - | 2,633 | 2,633 | 207 | 2,840 |
Inversión en subsidiaria con participación no controladora | - | - | - | - | 340 | - | - | (490) | (150) | 150 | - |
Otro resultado integral | |||||||||||
Pérdida de tipo de cambio | - | - | - | - | (358) | - | - | - | (358) | - | (358) |
Resultado integral total del período | - | - | - | - | (18) | - | - | 2,143 | 2,125 | 357 | 2,482 |
Saldo en Noviembre 30 2023 | 1,645 | 18,452 | 1,299 | 28,949 | 1,152 | 1,458 | (4,235) | 61,545 | 110,264 | 2,770 | 113,034 |
Estado de flujo de efectivo consolidado (No auditado)
por los seis meses terminados el 30 de noviembre de 2023
meses a 6 | meses a 6 | Año hasta | |
30 NOV 2023 | 30 NOV 2022 | 31 mayo 2023 | |
000 £ | 000 £ | 000 £ | |
|
| ||
Actividades de explotación |
| ||
flujos de efectivo por actividades operacionales | (2,000) | 4,639 | 10,682 |
Costos financieros pagados | (586) | (301) | (620) |
Impuesto a las ganancias pagado | (1,045) | (78) | (331) |
Aportes al plan de beneficios definidos | - | (141) | (164) |
|
|
| |
Efectivo neto (salida) / entrada de actividades operativas | (3,631) | 4,119 | 9,567 |
| |||
Actividades de inversión |
| ||
Compra de inversiones no cotizadas | - | - | (4,000) |
Adquisición de empresas filiales | (1,548) | - | (852) |
Ingresos financieros | 287 | 2 | 109 |
Compra de activos intangibles | (2,619) | (1,358) | (5,401) |
Compra de propiedad, planta y equipo | (805) | (722) | (3,291) |
|
|
| |
Efectivo neto utilizado por actividades de inversión | (4,685) | (2,077) | (12,524) |
|
| ||
Actividades de financiación |
| ||
Dividendos de capital pagados | (538) | (507) | (1,331) |
Amortizaciones de préstamos bancarios | (1,743) | (3,047) | (2,843) |
Reembolsos de arrendamientos | (1,161) | (707) | (1,771) |
Producto de la emisión de acciones ordinarias | - | - | 291 |
Préstamos planteados | 8,039 | - | 2,254 |
|
|
| |
Entradas / (salidas) netas de efectivo de actividades de financiación | 4,596 | (4,261) | (3,400) |
| |||
Disminución neta de efectivo y equivalentes de efectivo | (3,720) | (2,220) | (6,356) |
Efectivo y equivalentes de efectivo al comienzo del período | 17,386 | 23,902 | 23,902 |
Efecto de las variaciones del tipo de cambio | (73) | (61) | (160) |
|
|
|
|
Efectivo y equivalentes de efectivo al final del período | 13,593 | 21,622 | 17,386 |
|
|
| |
|
|
Flujos de efectivo por actividades operacionales (No auditado)
por los seis meses terminados el 30 de noviembre de 2023
meses a 6 | meses a 6 | Año hasta | |
| 30 NOV 2023 | 30 NOV 2022 | 31 mayo 2023 |
| 000 £ | 000 £ | 000 £ |
|
| ||
Utilidad antes de impuesto a las ganancias de operaciones continuas | 3,363 | 3,299 | 7,475 |
Loss before income tax from discontinuing operations | - | (327) | (616) |
| |||
Ajustes para: |
| ||
Depreciación de propiedades, planta y equipo | 2,404 | 2,023 | 3,720 |
Amortización de activos intangibles | 227 | 117 | 444 |
Amortización de intangibles por combinaciones de negocios | 410 | 583 | 993 |
Pérdida por enajenación de propiedades, planta y equipo | 7 | 10 | - |
Pérdida por enajenación de activos intangibles | - | - | 373 |
Ingresos financieros | (287) | (2) | (109) |
Gastos financieros | 483 | 291 | 609 |
Cargo por pago basado en acciones | 129 | 114 | 237 |
| |||
Cambios en el capital de trabajo |
| ||
Incremento de inventarios | (5,028) | (2,363) | (729) |
Aumento de cuentas por cobrar comerciales y otras | (7,536) | (2,673) | (3,628) |
Aumento de cuentas por pagar comerciales y otras | 4,021 | 3,719 | 2,814 |
Disminución de provisiones | (190) | (139) | (857) |
Otros cambios no monetarios | (3) | (10) | (44) |
|
|
| |
Cash (outflow)/ inflow from operating activities | (2,000) | 4,639 | 10,682 |
|
|
| |
|
|
meses a 6 | meses a 6 | Año hasta | |
| 30 NOV 2023 | 30 NOV 2022 | 31 mayo 2023 |
| 000 £ | 000 £ | 000 £ |
|
| ||
Efectivo y equivalentes de efectivo efectivo Sobregiros |
13,918 (325) |
22,007 (385) |
17,717 (331) |
|
|
|
|
| 13,593 | 21,622 | 17,386 |
|
|
| |
|
|
Notas a la declaración de medio año
30 November 2023
1. Base de preparación
Los resultados intermedios del Grupo para el período de seis meses terminado el 30 de noviembre de 2023 se preparan de acuerdo con las políticas contables del Grupo que se basan en los principios de reconocimiento y medición de las Normas Internacionales de Información Financiera ('NIIF') adoptadas por la UE y efectivas, o se espera que sea adoptado y efectivo, el 31 de mayo de 2024. Según lo permitido, este informe intermedio ha sido preparado de acuerdo con las reglas AIM y no de acuerdo con la NIC 34 'Información financiera intermedia'.
Estos resultados intermedios no constituyen cuentas legales completas en el sentido de la sección 434 de la Ley de Sociedades de 2006 y no están auditados. Los estados financieros intermedios no auditados fueron aprobados por el Consejo de Administración el 27 de febrero de 2024 y en breve estarán disponibles en el sitio web del Grupo en www.avingtrans.plc.uk.
Los estados financieros consolidados se preparan bajo la convención de costo histórico modificada para incluir la revaluación de instrumentos financieros. Las políticas contables utilizadas en los estados financieros intermedios son consistentes con las NIIF y las que se adoptarán en la preparación del informe anual y los estados financieros del Grupo para el año terminado el 31 de mayo de 2024.
Las cuentas legales para el año terminado el 31 de mayo de 2023, que fueron preparadas bajo las NIIF, se han presentado ante el Registro de Empresas. Estas cuentas estatutarias incluían un Informe de Auditoría sin salvedades y no contenían una declaración en virtud de la Sección 498(2) o (3) de la Ley de Sociedades de 2006.
2. Análisis segmentario
| Energía AES | Atención Médica MII | Elementos centrales no asignados | Total | ||||||
| 000 £ | 000 £ | 000 £ | 000 £ | ||||||
6 meses al 30 de noviembre de 2023 | ||||||||||
Equipo original | 40,661 |
| 1,318 |
| - |
| 41,979 | |||
Aftermarket | 23,050 |
| 161 |
| - |
| 23,211 | |||
Ingresos | 63,711 |
| 1,479 |
| - |
| 65,190 | |||
Ganancia / (pérdida) operativa | 5,529 |
| (1,140) |
| (828) |
| 3,561 | |||
Costos financieros netos |
|
|
|
|
|
| (196) | |||
Taxation |
|
|
|
|
|
| (525) | |||
Beneficio después de impuestos de operaciones continuadas | 2,840 | |||||||||
Notas a la declaración de medio año
30 November 2023
| Energía AES | Atención Médica MII | Elementos centrales no asignados | Total |
| |||||||
| 000 £ | 000 £ | 000 £ | 000 £ |
| |||||||
Año terminado el 31 de mayo de 2023 |
| |||||||||||
Equipo original | 66,802 | 3,595 | - | 70,397 |
| |||||||
Aftermarket | 46,006 | 34 | - | 46,040 |
| |||||||
Ingresos | 112,808 | 3,629 | - | 116,437 |
| |||||||
Ganancia / (pérdida) operativa | 10,145 | (1,010) | (1,159) | 7,976 |
| |||||||
Costos financieros netos | (500) |
| ||||||||||
Taxation | (1,246) |
| ||||||||||
Beneficio después de impuestos de operaciones continuadas | 6,230 |
| ||||||||||
| ||||||||||||
| Energía AES | Atención Médica MII | Elementos centrales no asignados | Total |
| |||||||
| 000 £ | 000 £ | 000 £ | 000 £ |
| |||||||
6 meses al 30 de noviembre de 2022 |
| |||||||||||
Equipo original | 29,889 | 1,498 | - | 31,387 |
| |||||||
Aftermarket | 18,621 | 2 | - | 18,623 |
| |||||||
Ingresos | 48,510 | 1,500 | - | 50,010 |
| |||||||
Ganancia / (pérdida) operativa Costos financieros netos | 4,480 | (310) | (582) | 3,588 (289) |
| |||||||
Taxation | (454) |
| ||||||||||
Beneficio después de impuestos de operaciones continuadas | 2,844 | |||||||||||
3. Fiscalidad
El cargo por impuestos se basa en la tasa efectiva esperada para el año que finalizó el 31 de mayo de 2024.
Notas a la declaración de medio año
30 November 2023
4. Adjusted Earnings before interest, tax, depreciation and amortisation
meses a 6 | meses a 6 | Año hasta | |
30 NOV 2023 | 30 NOV 2022 | 31 mayo 2023 | |
000 £ | 000 £ | 000 £ | |
| |||
Beneficio antes de impuestos de operaciones continuadas | 3,365 | 3,298 | 7,476 |
Gastos de pago basados en acciones | 129 | 114 | 237 |
Costo de adquisición | 323 | - | 14 |
Costos de reestructuración | 174 | 31 | 232 |
Otros excepcionales | - | 2 | - |
(Pérdida)/ganancia en derivados | (3) | 9 | 14 |
Amortización de intangibles por combinaciones de negocios | 410 | 583 | 993 |
|
|
| |
Beneficio ajustado antes de impuestos | 4,398 | 4,037 | 8,966 |
| |||
Ingresos financieros | (287) | (2) | (109) |
Costo financiero | 483 | 291 | 609 |
(Loss)/ gain on derivatives | 3 | (9) | (14) |
|
|
| |
Beneficio ajustado antes de intereses, impuestos y amortizaciones de combinaciones de negocios ('EBITA') |
4,597 |
4,317 |
9,452 |
|
| ||
Depreciación | 2,406 | 1,906 | 3,720 |
Amortización de otros activos intangibles | 227 | 117 | 444 |
Amortización de activos contractuales | 71 | 61 | 130 |
|
|
| |
Ganancias ajustadas antes de intereses, impuestos, depreciación y amortización ('EBITDA') |
7,301 |
6,401 |
13,746 |
|
|
|
5. Ingresos y gastos financieros
meses a 6 30 NOV 2023 | meses a 6 30 NOV 2022 | Año hasta 31 mayo 2023 | |
000 £ | 000 £ | 000 £ | |
|
| ||
Ingresos financieros |
| ||
Saldos y depósitos bancarios | 85 | 2 | 47 |
Ganancia sobre el valor razonable de los contratos de derivados | 3 | - | - |
Interés de otros | 199 | - | 62 |
|
|
|
|
| 287 | 2 | 109 |
|
|
|
|
Costos financieros |
| ||
Intereses sobre facilidades bancarias y pasivos por arrendamiento | 483 | 282 | 605 |
Pérdida en el valor razonable de los contratos de derivados | - | 9 | 14 |
|
|
|
|
| 483 | 291 | 609 |
Notas a la declaración de medio año
30 November 2023
6. Beneficio por acción
La utilidad básica por acción se basa en la utilidad atribuible a los accionistas ordinarios y el promedio ponderado de acciones ordinarias en circulación durante el año.
Para las ganancias por acción diluidas, el número promedio ponderado de acciones ordinarias se ajusta para asumir la conversión de todas las acciones ordinarias potenciales dilutivas, siendo las opciones sobre acciones CSOP y ExSOP.
meses a 6 Noviembre 30 2023 No | meses a 6 Noviembre 30 2022 No | Año hasta 31 de mayo de 2023 No | |
| |||
Número medio ponderado de acciones - básico | 32,373,636 | 32,141,445 | 32,187,135 |
Ajuste de opción de acciones | 664,652 | 939,646 | 820,074 |
|
|
| |
Número medio ponderado de acciones - diluido | 33,038,288 | 33,081,091 | 33,007,209 |
|
|
| |
| |||
000 £ | 000 £ | 000 £ | |
Ganancias por operaciones continuas | 2,840 | 2,844 | 6,230 |
Pagos basados en acciones | 129 | 114 | 237 |
Costo de adquisición | 323 | - | 14 |
Costos de reestructuración | 174 | 31 | 232 |
Otros excepcionales | - | 2 | - |
(Ganancia)/pérdida en derivados | (3) | 9 | 14 |
Amortización de intangibles por combinaciones de negocios | 410 | 583 | 993 |
|
|
|
|
Ganancias ajustadas de operaciones continuas | 3,873 | 3,583 | 7,720 |
|
|
|
|
De operaciones continuas: |
| ||
Ganancias básicas por acción | 8.8p | 8.8p | 19.4p |
Utilidad básica ajustada por acción | 12.0p | 11.1p | 24.0p |
Ganancias diluidas por acción | 8.6p | 8.6p | 18.9p |
Ganancias por acción diluidas ajustadas | 11.7p | 10.8p | 23.4p |
| |||
Utilidad por discontinuación de operaciones | - | (327) | (1,168) |
De la discontinuación de operaciones: |
| ||
Pérdida básica por acción | - | (1.0) p | (3.6) p |
Pérdida ajustada por acción | - | (1.0) p | (3.6) p |
Pérdida diluida por acción | - | (1.0) p | (3.5) p |
Pérdida diluida ajustada por acción | - | (1.0) p | (3.5) p |
| |||
Ganancias atribuibles a los accionistas, incluida la participación no controladora |
3,873 |
3,256 |
5,062 |
Ganancias básicas por acción |
8.8p |
7.8p |
15.7p |
Utilidad básica ajustada por acción | 12.0p | 10.1p | 20.4p |
Ganancias diluidas por acción | 8.6p | 7.6p | 15.3p |
Ganancias por acción diluidas ajustadas | 11.7p | 9.8p | 19.9p |
Los Directores creen que el cálculo de las ganancias por acción ajustadas anterior de operaciones continuas es el reflejo más apropiado del desempeño del Grupo.
Notas a la declaración de medio año
30 November 2023
7. Net (debt)/cash and gearing
El ratio de apalancamiento al cierre del ejercicio es el siguiente: | Noviembre 30 2023 | Noviembre 30 2022 | 31 de mayo de 2023 |
| 000 £ | 000 £ | 000 £ |
|
| ||
efectivo | 13,918 | 22,007 | 17,717 |
Préstamos | (13,136) | (2,965) | (3,416) |
Pasivo por arrendamiento - arrendamientos financieros según la NIC 17 | (2,683) | (1,406) | (952) |
Pasivo por arrendamiento - bajo NIIF 16 | (5,603) | (2,746) | (3,879) |
Sobregiros | (325) | (385) | (331) |
Neto (deuda) / efectivo | (7,829) | 14,505 | 9,140 |
| |||
Equidad | 113,034 | 108,455 | 108,455 |
Net (debt)/cash to equity ratio | (6.9)% | 13.4% | 8.4% |
Net (debt)/cash to equity ratio excluding IFRS16 debt | (2.0)% | 15.9% | 12.0% |
8. Events after the balance sheet date
Business combinations: Acquisition of Adaptix Limited
On 15 September 2023, the Group acquired the remaining 82% of Adaptix Limited's ("Adaptix") share capital, thereby gaining control. In exchange for the 82% of shares in Adaptix, Avingtrans issued shares valued at £2,505,000 on the date of acquisition. Immediately prior to the acquisition, the Group held an 18% shareholding in Adaptix, which was purchased for cash consideration of £6,005,000.
Adaptix are an emerging Medtech business, developing 3D x-ray technologies. The product launch plans of Adaptix align with the Group's Magnetica business, which is developing compact magnetic resonance imaging technology. This alignment enables both businesses to mutually benefit by coordinating their commercialization activities.
Consideration has been calculated using the accumulated cost method, and comprises:
000 £ | ||
Contraprestación en efectivo | 6,005 | |
Acciones emitidas | 2,505 | |
Consideración de compra total |
| 8,510 |
The fair value of the 642,355 issued shares was based on the published closing share price on the 15th September 2023 of 390 pence per share.
The provisional assets and liabilities recognised as a result of acquisition were as follows:
|
| 000 £ | |
Other intangible assets: technology | 8,219 | ||
Propiedad, planta y equipo. | 1,883 | ||
Activos por impuestos diferidos | 2 | 2,054 | |
Los inventarios | 323 | ||
Cuentas comerciales y otras cuentas por cobrar | 567 | ||
Activo por impuesto corriente | 701 | ||
efectivo | 152 | ||
Comerciales y otras cuentas a pagar | (1,883) | ||
Amounts owing to group undertakings | (3,299) | ||
Provisiones | (157) | ||
Pasivos por arrendamiento | (626) | ||
Préstamos | (3,563) | ||
Pasivos por impuestos diferidos | (2,336) | ||
Activos netos identificables adquiridos |
| 2,033 | |
| |||
Goodwill |
| 6,477 | |
Consideración |
| 8,510 |
Amounts owing to group undertakings represents loans issued to Adaptix prior to the acquisition.
Goodwill is attributable to Adaptix's workforce and future growth potential, plus synergies with our existing medical imaging businesses.
The acquired business contributed revenues of £24,000 and a net loss of £1,433,000 to the Group for the period ended 30 November 2023.
Flujo de fondos
|
| 000 £ | |
Inflow of cash to acquire subsidiary: |
| ||
Cash consideration paid in the period |
| - | |
Efectivo adquirido |
| 152 | |
Entrada neta de efectivo por actividades de inversión |
|
| 152 |
All cash consideration paid for Adaptix was transferred in previous accounting periods, so does not impact the current period cashflow.
Acquisition related costs of £200,000 have been presented as exceptional costs in the income statement and in operating cashflows in the statement of cashflows.
Business combinations: Acquisition of Slack and Parr Limited
On the 6 August 2023, Hayward Tyler Fluid Handling Limited, a subsidiary of Avingtrans, completed the acquisition of the trade and assets of Slack and Parr Limited, along with its overseas subsidiaries in the USA and China.
Slack and Parr is renowned for its specialism in manufacturing high-precision gear metering pumps, hydraulics flow dividers, and industrial pumps, is a market leading supplier catering to a global customer base.
This strategic acquisition enhances Hayward Tyler's existing businesses by introducing additional products, expanding market reach, and in bringing in valuable expertise and equipment from Slack and Parr.
000 £ | ||
Contraprestación en efectivo | 1,867 | |
Consideración total |
| 1,867 |
Consideration was transferred in stages. All consideration has been paid by 30 November 2023.
The provisional assets and liabilities recognised as a result of acquisition were as follows:
|
| 000 £ | |
Propiedad, planta y equipo. | 5,035 | ||
Los inventarios | 1,608 | ||
Cuentas comerciales y otras cuentas por cobrar | 390 | ||
Activo por impuesto corriente | - | ||
efectivo | 164 | ||
Comerciales y otras cuentas a pagar | (999) | ||
Provisiones | (200) | ||
Amounts owing to group undertakings | (478) | ||
Lease liabilities (related to plant and equipment acquired and property lease) | (3,686) | ||
Activos netos identificables adquiridos |
| 1,834 | |
| |||
Goodwill |
| 33 | |
Consideración |
| 1,867 |
Amounts owing to group undertakings represents loans issued from Hayward Tyler Fluid Handling at the point of acquisition.
Goodwill is attributable to Slack and Parr's workforce, brand and future growth potential, plus synergies with our existing Hayward Tyler businesses.
The acquired business contributed revenues of £3,205,000 and a net loss of £396,000 to the Group for the period ended 30 November 2023.
Flujo de fondos
|
| 000 £ | |
Outflow of cash to acquire subsidiary: |
| ||
Cash consideration paid in the period |
| 1,867 | |
Efectivo adquirido |
| (164) | |
Salida neta de efectivo de las actividades de inversión |
|
| 1,703 |
Acquisition related costs of £123,000 have been presented as exceptional costs in the income statement and in operating cashflows in the statement of cashflows.
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