Flowtech Fluidpower maintains 'positive' momentum

Investors in Flowtech Fluidpower were arriving at the company’s annual general meeting on Thursday morning, with chairman Malcolm Diamond MBE preparing to update them on the company’s current trading.

The AIM-traded firm had sustained its “confidence and positive business momentum” highlighted at the start of the 2017 year across all of its business divisions - both organically and within its newly acquired operations - Diamond said.

“Margins remain in line with expectations and we expect these to be maintained due to the combination of our flexible pricing model and product mix.

“Our focus continues to be growth through both acquisitive and organic means backed up by our four-layered approach to extracting synergistic benefits over the short, medium and long term.

“This targeted approach ensures we can achieve both a concentration and enhancement to our product set which is the core of our business model.”

Following the company’s successful capital raising at the end of March, Flowtech was “actively” pursuing a pipeline of “interesting opportunities” that would add value and enhance its current brand portfolio and offering, Diamond explained.

The board was confident that it would be able to complete a number of those transactions over the coming months.

“In summary, the directors remain confident about the future.

“We fully expect our underlying performance to deliver another year of solid progress, and we remain on track to meet current market expectations for the year ending 31 December 2017.

“We look forward to providing our next trading update for Q2 in early July.”