Flowtech Fluidpower warns on full year profits

Flowtech Fluidpower said full year results would be marginally lower than expectations after the UK's decision to leave the European Union led to a fall in the pound.

“The outcome of the EU referendum has caused concern across various markets with additional currency weakening of sterling against dollar and euro," the company said in a trading update.

“Mid-year trading in distribution markets which the Flowtechnology division supplies has been more challenging and as a result the board believes that the full year results will be marginally below market expectations,” the company said.

Flowtech said interim revenue rose to £27.4m compared with £21.4m a year earlier.

Flowtech also said it had bought specialist esigner and distributor Triple Six Ltd for £1.1m. The company will pay £0.45m in cash up front and the rest contingent on the operating profit performance of the business over the next two years.