Medical and industrial engineer Avingtrans PLC’s (LON:AVG) interim revenue soared, thanks to last year’s acquisition of Hayward Tyler Group PLC (HTG).
Sales jumped to £26.9mln from £9.6mln in the prior period, while profit margins also improved.
READ: Avingtrans’ Hayward Tyler arm wins largest order yet from Korean nuclear giant
Underlying profit [adjusted EBITDA] increased to £1.1mln with Hayward, which cost £29.5mln, contributing £0.7mln. Organic growth was 15%.
Interim dividends rose by 8.3% to 1.3p per share from 1.2p.
Roger McDowell, chairman, said the company has moved swiftly to improve the operating performance of the Hayward businesses where restructuring is substantially complete.
“The potential to develop exciting domestic and international opportunities in both the Energy and Medical sectors is evident.”
Hayward Tyler specialises in motors and pumps for the nuclear and oil and gas industries.
McDowell said the Hayward acquisition signalled the intent to build a stronger nuclear capability within Avingtrans’ energy divisions, whether decommissioning, life extension, or new build opportunities.
Shares were up 1.5% at 228.5p.