Flowtech Fluidpower sales and spending grows in fourth quarter

AIM-listed outfit Flowtech Fluidpower saw revenues move ahead in the year ended 31 December as a result of solid sales in the fourth quarter.

Flowtech revealed on Thursday that revenues had grown 42% to £111.1m across the group as a whole - driven by a 66% increase to £57.6m in its power motion control unit.

The distributor of technical fluid power products told investors that it now expects to report an underlying pre-tax profit in the range of £10.6m to £10.8m.

On the other hand, net debt widened 33.5% to £19.9m as Flowtech's strong fourth quarter sales necessitated a higher level of spending.

Looking forward, Flowtech said its new executive management team was "fully focussed" on extracting synergies and creating a strong platform for future organic and acquisitive growth, adding that it remained confident "in both the strategy and long-term outlook for the group."

Flowtech added that it would be proposing a final dividend that would represent 5% growth over 2017.

As of 0915 GMT, Flowtech shares had slipped 2.69% to 117.50p.