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Issued on behalf of Flowtech Fluidpower PLC Date: Monday, 19 January 2015 Immediate Release
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FLOWTECH FLUIDPOWER PLC ("Flowtech" or the "Group") Trading update
The Board of Flowtech issues the following update ahead of the Group's annual financial results for the year ended 31 December 2014:
The business has performed in line with consensus Profit Before Tax market expectations for the period ended 31 December 2014*, with growth in both revenue and operating profit and margins being maintained. The Balance Sheet at 31 December 2014 remained lowly geared with net debt expected to be £6.70m.
Primary Fluid Power, which was purchased by the Group in August 2014, has continued to trade at expected levels and both operational and commercial integration plans are progressing as envisaged at the time of the acquisition.
The Board views the future with confidence and is optimistic that it can continue to grow the business both organically and by acquisition as opportunities arise.
The Directors look forward to reviewing the Group's overall performance in more detail at the time of the preliminary results, which are scheduled to be released on Tuesday, 14 April 2015.
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*Consensus market expectations for Profit Before Tax, pre exceptionals,
for the year ended 31 December 2014 are £5.95m
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Enquiries: |
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Flowtech Fluidpower plc AIM: FLO Sean Fennon, Chief Executive Officer Bryce Brooks, Chief Financial Officer Tel: 44 (0) 1695 52796 Email: info@flowtechfluidpower.com |
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Zeus Capital Limited (Nominated Adviser and Broker) Ross Andrews, Dominic King, John Treacy Tel: 44 (0) 207 533 7727 |
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TooleyStreet Communications (IR and media relations) Fiona Tooley Tel: 44 (0) 7785 703523 Email: fiona@tooleystreet.com |
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Editors' note: Flowtech, founded in 1983, is the UK's leading specialist supplier of technical fluid power products with modern distribution facilities in the UK and Benelux. It offers an unrivalled range of Original Equipment Manufacturer (OEM) and Own Brand products to c 3,000 distributors and resellers. Its catalogue is recognised as the definitive source for fluid power products, containing approximately 47,000 individual product line and is distributed to more than 90,000 industrial Maintenance, Repair and Overhaul end users (MRO). Over 80% of product is stocked and if ordered by 10pm, can be delivered next day in the UK, providing 'best in industry' service offering. The Group's headquarters and main distribution centre is in Skelmersdale, Lancashire with further centres in the Netherlands and China; in total the business employs 203 people. |
This information is provided by RNS