Flowtech Fluidpower's FY 2016 profit rises and Q1 2017 revenues surge

Flowtech Fluidpower's shares are up more than 6% as it reported a surge in first-quarter 2017 revenue after confirming a rise in its 2016 pre-tax profit and total dividend.

The company said group revenue for the three months ending 31 March totalled £17.48m, which was up 31.8% on the £13.26m recorded previously.

Flowtech said this revenue performance was driven by positive momentum in all business divisions, enhanced by the contribution from its new subsidiaries.

In a separate statement the company revealed an improved full-year pre-tax profit of £5.5m from continuing operations, from £5.3m previously.

Its total dividend was 5.51p a share, up from 5.25p.

"Our business has shown resilience in a difficult market, with our most recent acquisitions beginning to deliver organic growth," said chairman Malcolm Diamond.

"The board remains confident in the strategy, commercial opportunities and the prospects of the group as a whole, and expects to deliver ongoing solid growth over the coming years building on the performance seen in 2016," he said.

At 11:49 GMT, shares in AIM-traded Flowtech were up 6.34% to 136.25p each.