United Kingdom : Falling oil prices affect Avingtrans.
As declining oil prices continue to affect the company, sales have dropped at Nottingham-based engineering group Avingtrans.
In the year to 31 May 2015, Avingtrans' revenues fell to Au57.8m from Au60.3m. Adjusted pre-tax profit also dropped by 16 per cent to Au2.9m.
In addition to declining oil prices, the company was also affected by an aerospace customer destocking in the first half of its fiscal year.
Chairman Roger McDowell said this has been a "challenging" year for the group, but welcomed its response to changing market conditions.
He said, "We reacted quickly to mitigate the effects of these challenges, limiting the revenue decline to 4 per cent and the decline in EBITDA to 6 per cent. Despite continuing investment of Au2.4m and the Au1.2m acquisition of the assets of RMDG from Tricorn plc, group net debt only increased to Au5.9m - lower than market expectations. Our aerospace orders have since stabilised, but the oil sector remains depressed. Therefore, we have turned our attentions elsewhere, with an impressive sign of the future coming from our Au47m, ten year contract win with Sellafield Ltd."
[c] 2015 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Oct 1, 2015|
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