Flowtech Fluidpower (AIM:FLO) traded higher on Tuesday, rising 7.8% to 63.61p, after it reported first-half revenue had grown 23.7% to £70.4 million as acquisitions and double-digit underlying growth helped it gain market share across Britain, Ireland and Benelux.
Like-for-like revenue increased 13.2% in the six months to 30 June, with trading remaining in line with board expectations despite two major bridge infrastructure projects contributing less than originally anticipated. Their revenues are now expected to be weighted more heavily towards the second half.
The hydraulic and pneumatic products specialist said its five recent acquisitions, completed for total consideration of around £6 million, are expected to contribute approximately £30 million of annualised revenue and more than £3 million of annualised EBITDA. Helipebs secured over £2 million of orders shortly after its June acquisition, while Q Plus has traded ahead of expectations.
Pre-IFRS 16 net debt declined to £16.5 million from £18.5 million a year earlier. Flowtech expects cash generation and leverage to improve during the second half and maintained full-year market expectations of £136.8 million revenue and £10.2 million underlying EBITDA. Interim results are due on 8 September.
