Flowtech Fluidpower PLC Trading update -nine month period to 30 Sept 2019 (6217Q)
22 Octubre 2019 - 1:00AM
UK Regulatory
TIDMFLO
RNS Number : 6217Q
Flowtech Fluidpower PLC
22 October 2019
NEWS RELEASE
Issued on behalf of Flowtech Fluidpower
plc
Immediate Release
FLOWTECH FLUIDPOWER PLC
("Flowtech Fluidpower", the "Group" or "Company")
Trading Update
London: Tuesday, 22 October 2019: AIM listed specialist
technical fluid power products supplier Flowtech Fluidpower (LSE:
symbol FLO), issues the following unaudited Q3 Trading Update for
the nine-month financial reporting period ended 30 September 2019
(the "Period"):
GROUP Trading Update AND FINANCIALS
Revenue for the nine-month period ended 30 September 2019
Divisions: Period Period Growth
2019 2018
Unaudited Unaudited
GBPm GBPm
------------------------------ ----------- ----------- -------
Components 75.0 70.9 5.8%
Services 12.3 12.8 (3.8%)
Total Group revenue for the
period 87.3 83.7 4.3%
----------- -----------
Net debt* 19.1 17.6
------------------------------ ----------- ----------- -------
trading
Since reporting our HY1 2019 results in September the business
has proved resilient in difficult market conditions; we are pleased
to report organic growth for the year to date of 1.8%. Overall
revenue growth in the first nine months was 4.3%, the balance
coming from the full period impact of the Balu businesses which
were acquired in March 2018. Gross margins and costs remain
consistent with previous reports.
cash flow/net debt
Net debt* at 30 September 2019 was GBP19.1m. Net cash generated
from operating activities (after accounting for tax paid) in Q3 was
strong at GBP3.9m. After taking account of dividend payments of
GBP2.5m, earn-out consideration regarding historic acquisition
activity of GBP1.0m and GBP0.7m in respect of other investing and
financing activities (including capital expenditure, lease payments
and interest costs), net debt increased by GBP0.3m in Q3. There is
no further deferred consideration to pay and Q4 is expected to be
cash generative.
SUMMARY & OUTLOOK
Our short-term focus is firmly on the delivery of sustained
operational improvements, procurement benefits and wider Group
synergies; detailed plans to achieve these savings are currently
being finalised with the main phase of implementation beginning in
early 2020. We are confident that these actions, combined with our
continued focus on working capital management, will deliver
improved profit and cash performance. Notwithstanding the current
difficult market conditions, the Board remains confident in the
Group's strategy and the outlook for future growth remains
positive.
INTERIM DIVIDEND
As previously announced, the half-year dividend of 2.13p per
share will be paid on 29 October 2019, to those members on the
register at close of business on 4 October 2019.
*Net debt excludes IFRS16 lease debt
ENQUIRIES:
----------------------------------------------------------------
FLOWTECH FLUIDPOWER PLC
Malcolm Diamond MBE, Non-Executive Chairman
Bryce Brooks, Chief Executive Officer
Russell Cash, Chief Financial Officer
Tel: +44 (0) 1695 52796
Email: info@flowtechfluidpower.com
Corporate Marketing Manager: Eve Rigby Tel: +44 (0) 7384 254161
Zeus Capital Limited (Nominated Adviser and Joint Broker)
Andrew Jones, Kieran Russell (Corporate Finance)
Dominic King, John Goold (Sales & Broking)
Tel: + 44 (0) 20 3829 5000
finnCap Limited (Joint Broker)
Ed Frisby, Kate Bannatyne (Corporate Finance)
Rhys Williams, Andrew Burdis (Sales & Broking)
Tel: + 44 (0) 20 7220 0500
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 the UK's
leading specialist supplier of technical fluid power products.
The business joined AiM in 2014. Today, the Group has two distinct divisions:
Division: What we do: Locations:
----------- ------------------------------------ -------------------------------------
Components Supply of hydraulic and pneumatic Flowtechnology Benelux (Deventer)
consumables, predominantly through Flowtechnology China (Guangzhou)
distribution for urgent maintenance Flowtechnology UK (Skelmersdale)
and repair operations across Indequip (Skelmersdale)
all industry sectors. Additionally, Beaumanor (Leicester)
support a broad range of original Hydravalve (Willenhall)
equipment manufacturers (OEMs) Primary Fluid Power Components
supplying off-the-shelf and (Knowsley)
tailored Albroco (Knowsley)
components and assemblies. Nelson Hydraulics (Dublin, Lisburn,
Dungannon, UK)
HTL (Ludlow)
Hi-Power Hydraulics (Cork, Dublin,
Belfast, Knowsley)
Hydroflex (Brussels, Rotterdam
and OudBeijerland)
Hydraulic Equipment Supermarkets
(Gloucester, Leeds, Birmingham,
Durham)
Derek Lane & Co (Newton Abbot,
Devon)
Tractec (Gloucester)
----------- ------------------------------------ -------------------------------------
Services Bespoke design, manufacturing, Primary Fluid Power Systems
commissioning, installation and (Knowsley)
servicing of systems to TSL (Knowsley)
manufacturers Branch Hydraulic Systems
of specialised industrial and (Gloucester)
mobile hydraulic original equipment Automatec (Gloucester)
manufacturers (OEMs) and Lubemec (Gloucester)
additionally Onsite (Durham, Leeds, Birmingham,
a wide range of industrial end Gloucester)
users. Flow Connect (Gloucester)
Orange County (Spennymoor)
----------- ------------------------------------ -------------------------------------
Both Group divisions have overlapping product sets, allowing procurement
synergies to be maximised.
The above divisions are supported by a centralised back office team based
at the Skelmersdale, Lancashire, and Wilmslow, Cheshire sites in the UK
and a procurement and quality control team in Shanghai, China. In total,
the business employs over 550 people. For more information please visit,
www.flowtechfluidpower.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTPGGUCUUPBGMG
(END) Dow Jones Newswires
October 22, 2019 02:00 ET (06:00 GMT)
Flowtech Fluidpower (LSE:FLO)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Flowtech Fluidpower (LSE:FLO)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
