Avingtrans, a leading provider of equipment and services in the energy, medical, and industrial sectors, has announced that it expects its earnings for fiscal year 2023 to meet market expectations. The company has seen a promising start to the new year, with a record order book for this time of year.
For the year ended May 31, Avingtrans has projected a revenue of £108.9 million ($141.4 million) and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of £13.5 million, compared to £100.4 million and £12.7 million respectively for fiscal year 2022. Net cash consensus is estimated at £13.6 million.
Despite challenging market conditions, including ongoing supply chain disruptions, Avingtrans has performed exceptionally well. The company’s Chief Executive, Steve McQuillan, expressed his delight in the group’s performance. He acknowledged the easing of supply chain disruptions from their worst point.
The positive news has already made an impact on the market, as shares rose by 1.8% at 0754 GMT, increasing by 7.50 pence to reach 417.50 pence.