Aerospace drives Avingtrans
Nottingham-based Avingtrans has revealed that turnover surged by 27 per cent in the last financial year. The industrial machinery company said its performance was boosted by its aerospace division.
Avingtrans said turnover had risen to £36.3m for the 12 months ended 31 May 2011, compared to £28.6m in the same period last year. The company's EBITDA also rose by 32 per cent, going from £2.5m in May 2010 to £3.3m in 2011. And Avingtrans reduced net debt by 15 per cent to £6.6m.
The company said its aerospace division made an 8 per cent operating profit and had grown by 32 per cent – boosting the group's overall performance.
Roger McDowell, chairman at Avingtrans, said: "Whilst 2011 was not a vintage year, I'm sure that shareholders will join me in a small toast to a much improved performance in the last 12 months.
"I am glad to report a result in line with previously upgraded market expectations. After an arduous financial year in 2010, the majority of our markets continued to regenerate positively."
Avingtrans reintroduced a final dividend this year of 0.4 pence.
