Avingtrans on course as acquisitions open new avenues

Avingtrans climbed on Monday after it reported that it remains on course to match full-year expectations amid the integration of recent acquisitions and a "robust" pipeline halfway through its financial year.

The supplier of equipment, systems and associated aftermarket services to the energy and medical sectors said the half-year to 30 November had seen its Peter Brotherhood engineering business progress as planned with a large government contract, leading to further enquiries from the customer.

As such, Avingtrans commented that there was a strong pipeline for Peter Brotherhood and other former Hayward Tyler businesses that have now been fully integrated.

Meanwhile, the company also stated that Ormandy Group, acquired in February of last year, is also "steadily improving" and integration is underway at Tecmag, which was acquired in October.

"This small but strategically important acquisition increases our ability to service the Magnetic Resonance Imaging and Nuclear Magnetic Resonance market sectors. In turn, this supports investment in new product development and initial projects are already underway," said a statement from the company.

With regards to Brexit, the AIM traded outfit said it does not expect any material impact from the UK's exit from the European Union, as its exposure to the European market is "relatively limited".

Avingtrans’ shares were up 5.57% at 199.00p early on Monday afternoon.