Avingtrans Plc has reported record revenues of £156.4 million for the year ended 31 May 2025, up 14.5% from the previous year, with strong contributions from its energy division helping the group deliver results ahead of expectations.

Gross margin remained stable at 31.7% compared to 32.2% in 2024. Adjusted EBITDA from continuing operations rose to £16.7 million from £14 million, slightly ahead of upgraded market forecasts. The energy division (AES) delivered a 20% uplift in adjusted EBITDA to £21.5 million, offset by a smaller-than-expected investment in the medical division (MII). Adjusted profit before tax rose to £8.6 million from £7.3 million, reflecting AES growth alongside lower restructuring costs, while adjusted diluted earnings per share increased to 23.7p from 18.5p. Net debt, excluding IFRS16, stood at £12.3 million compared with £6.1 million a year earlier. A final dividend of 3.0p per share has been proposed, taking the total for the year to 4.9p, up from 4.7p.

The AES division reported revenues of £151.5 million, up 13.9% year on year. Hayward Tyler performed strongly, benefitting from demand linked to artificial intelligence and data centre infrastructure, the electrification of transport, and nuclear power projects. Positive progress was made in the US business with a $10 million contract from TerraPower for novel nuclear pumps. Ormandy reported record results, again linked to rising energy demand from AI and data centres, while Metalcraft continued ramping up 3M3 box output for Sellafield. Booth completed tests on HS2 doors and secured additional contracts worth £12 million, with £7.5 million awarded after the year end. HTI also secured $16 million of nuclear equipment and spares orders from Korea Hydro & Nuclear Power after the reporting period.

The MII division grew revenues to £4.9 million from £3.7 million, reflecting progress on new MRI and X-ray products. LBITDA rose to £3.6 million from £2.8 million. Adaptix appointed multiple initial distributors in the UK and US and is in discussions with potential European partners. Its NDT product won “Innovation of the Year” from the Aerospace Technologies Institute in recognition of its impact on aerospace inspection. Magnetica expects to submit 510(k) approval to the FDA during the second half of FY26 and has started work on a new MRI guided therapy product concept for ViewRay.

The board said trading since May has remained in line with expectations, with momentum carrying into FY26 on the back of recent contract wins in AES. It added that Avingtrans would continue to refine its business by pursuing acquisitions where appropriate, while maintaining a conservative approach to debt.

Chairman Roger McDowell said: “We are very pleased to present investors with another enhanced set of results. In challenging global markets, Avingtrans has again performed robustly as a group and exceeded market expectations. During the year, we made good use of our resources, to continue with the investment phase of our PIE strategy at Slack and Parr, Adaptix and Magnetica. This activity was, in turn, supported by a record set of results in the AES division. With several of our businesses now benefitting from positive global trends in AI, data centres and, relatedly, new nuclear power, we have a strong order book moving into FY26 and, therefore, we anticipate further organic growth as a group this year.”