Flowtech Fluidpower PLC (LON:FLO) said its revenue grew 54% in the first nine months of 2018 but that it remains cautious over potential growth rates for the fluid power market next year.
The specialist technical fluid power products supplier on Tuesday said sales in the nine months to the end of September grew to £83.7mln, from the £54.5mln it reported during the same period last year.
READ: Flowtech falls as pre-tax profits likely to miss forecasts
The company said its power motion control unit had delivered a stellar performance so far this year, doubling sales to £42.9mln, while revenues at its flowtechnology and process units jumped a quarter and a third, respectively.
Flowtech said that while the scope for significant growth through acquisitions remains compelling, its short-term focus was firmly on management actions and investment that can deliver sustained operational improvements, procurement benefits and wider group synergies.
“The buoyant conditions seen in the first half have now given way to a steadier pace of growth,” CEO Bryce Brooks said in a statement.
“The board remains positive, although cautious, about overall growth rates for the fluid power market as we move into 2019, and this view is supported by the very broad spread of sectors within the group's customer portfolio, both in the UK, and its euro-based operations.”
Flowtech Fluidpower shares were 4.2% up at 118.80p in mid-morning trade.