Flowtech Fluidpower PLC Trading Update and Notice of Results (8885N)
26 Enero 2023 - 1:00AM
UK Regulatory
TIDMFLO
RNS Number : 8885N
Flowtech Fluidpower PLC
26 January 2023
NEWS RELEASE
Issued on behalf of Flowtech
Fluidpower plc
Immediate Release
Thursday, 26 January 2023
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as amended by the Market
Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication
of this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
FLOWTECH FLUIDPOWER PLC
("Flowtech", the "Group" or "the Company")
Specialist full-service supplier of technical fluid power
products and services
" I am pleased to report Flowtech has made good progress
in 2022. Whilst very conscious of the actions needed to further
improve, I am confident in our team and their capability.
I remain optimistic for 2023 and beyond."
Roger McDowell, Non-Executive Chair
TRADING UPDATE AND NOTICE OF RESULTS
The Board of Flowtech issues the following unaudited Trading
Update ahead of the Group's preliminary results for the year ended
31 December 2022.
2022 TRADING UPDATE
The Board is pleased to report that the underlying profit * for
the year ended 31 December 2022 is expected to be in line with
market expectations. Group revenue of cGBP114.8m is a 5.2% increase
on the prior year.
Segment revenue: FY FY Change
2022 2021 2022
Unaudited Audited** v
GBP'm GBP'm 2021
----------------------------- ----------- ----------- -------
Flowtech 55.6 57.3** -3.0%
Fluidpower Group Solutions 38.1 34.4** 10.6%
Fluidpower Group Services 21.1 17.4 21.4%
Total Group revenue for the
period 114.8 109.1 5.2%
----------------------------- ----------- ----------- -------
Net debt*** 16.0 15.4 0.6
----------------------------- ----------- ----------- -------
Notes
* Underlying profit is profit before finance costs, tax and separately
disclosed items which comprise costs relating to amortisation,
impairment of intangibles, restructuring, acquisition and share
based payments.
** 2021 disclosed split between Flowtech and Fluidpower Group
Solutions has been restated to reflect the fact that part of our
business has transitioned from Fluidpower Group Solutions to Flowtech
during the course of 2022.
*** Excludes IFRS16 related debt.
Overall, the Board is satisfied with the trading performance in
the year and pleased with the progress made against our key
strategic objectives. Actions taken to pass on inflationary cost
pressures and actively manage our cost base, notably the reduction
in headcount, have assisted in returning the business to
pre-pandemic levels of profitability. The performance across our
segments is varied but shows strong correlation to the relative
strength of the Pneumatics and Hydraulics markets in which they
operate.
NET DEBT
Net debt*** at 31 December 2022 was GBP16.0m; this represents a
reduction of GBP3.7m in the second half of 2022. We expect this
trend to continue into 2023 as inventory continues to be
reduced.
NOTICE OF RESULTS
The Company will update shareholders further at the time of the
2022 preliminary results announcement, scheduled to be released by
the end of March 2023.
ENQUIRIES :
-----------------------------------------------------
Flowtech Fluidpower plc
Roger McDowell, Chair
Bryce Brooks, Chief Executive
Russell Cash, Chief Financial Officer
Tel: +44 (0) 1695 52759
Email: info@flowtechfluidpower.com
Liberum (Nominated adviser and Sole Broker)
Richard Lindley / Ben Cryer / Will King
Tel: +44 (0) 20 3100 2000
TooleyStreet Communications (IR and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523
or email : fiona@tooleystreet.com
ABOUT FLOWTECH FLUIDPOWER PLC
Founded as Flowtech in 1983, the Flowtech Fluidpower Group is a group
of specialist fluid power businesses. Working in partnership with customers
and suppliers, we deliver essential components, customer solutions and
high-quality servicing support to keep global industry moving. The business
joined the AIM market in 2014.
To read more about the Group please visit www.flowtechfluidpower.com .
Segment: What we do: Locations:
----------------- ------------------------------------------------ ----------------------------
Flowtech
Our focus
Supply of both hydraulic and pneumatic Flowtech
consumables, predominantly through (Skelmersdale, Leicester,
distribution for maintenance and Birmingham)
repair operations across all industry Flowtechnology Benelux
markets but supported by supply agreements (Deventer)
direct to a broad range of original
equipment manufacturers (OEMs)
Channels to market:
E-commerce websites, customer white
label e-commerce websites, 70,000+catalogues,
own and customer trade counters
----------------- ------------------------------------------------ ----------------------------
Fluidpower
Group Solutions Our focus
Supply specialist technical hydraulic Primary Fluid Power
components & systems, predominantly Components (Skelmersdale)
into OEMs and end-user channels to Nelson Hi-Power
all industry markets, supported by (Dublin, Cork, Dungannon)
supply agreements with a broad range HTL
of manufacturer brands (Ludlow)
Hydroflex
Channels to market: (Brussels, Rotterdam
Engineering collaboration through and OudBeijerland)
sales offices providing national Derek Lane & Co
and local coverage. In 2022 enhanced (Newton Abbot)
by new e-commerce capabilities HES Tractec
(Gloucester)
----------------- ------------------------------------------------ ----------------------------
Fluidpower
Group Services Our focus
Bespoke design, manufacturing, commissioning, Primary Fluid Power
installation, and servicing of systems Systems
to manufacturers of specialised industrial (Knowsley)
and mobile hydraulic OEMs, and additionally Branch Hydraulic Systems
a wide range of industrial end users. (Gloucester)
Capital project-based revenue. HES Onsite
(Leeds, Gloucester)
Channels to market: Orange County
In-house design and build, combined (Spennymoor)
with on-site installation, servicing Hi Power Transport
and support (Dublin, Cork, Belfast)
----------------- ------------------------------------------------ ----------------------------
All the Group's divisions have overlapping product sets, allowing procurement
synergies to be maximised. The above segments are supported by a centralised
back-office teams based at Skelmersdale and Wilmslow sites in the UK.
In total, the business employs 572 people.
For more information please visit, Our business | Flowtech Fluidpower
plc
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END
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