Avingtrans PLC (AIM:AVG) rallied after an early drop as house broker Cavendish said results today were slightly ahead of its forecasts.
Revenue rose by 17.5% to £116 million in the year to end May 2023, while pretax profit improved by 7% to £7.47 million.
Roger McDowell, the engineer's chairman, added: “We entered FY24 with a healthy order book and we look forward to further progress across the group this year, with macro developments in the energy, infrastructure and medical markets being tilted in our favour."
Revenues were driven by growth across a number of energy operations, said Cavendish.
Its Metalcraft business is going into phase 2 of 3M3 boxes for Sellafield, while Hayward Tyler and Energy Steel won nuclear bids and Booth will start manufacturing HS2 doors in the current financial year.
Medical also made good progress with the now fully-owned Adaptix products gaining approval from the US Food and Drug Administration (FDA) and the development of MRI specialist Magnetica on plan.
This year has started well supported by a decent order book and trading in line with expectations.
Cavendish has a target price of 495p, with the shares down 4.7% at 400p.