RNS Item

Flowtech will hold its Annual General Meeting at 12noon today (1 June) at which the Chairman, Malcolm Diamond MBE will deliver the following trading update on behalf of the Board covering the financial period up to the date of this statement.

"On behalf of the Company and the Directors, I welcome all shareholders to our second AGM as a PLC.

"It is pleasing to report that over the last 18 months the Group has:

Ø expanded its portfolio through the launch of over 6,300 new products and broadened its product categories;

Ø completed four important acquisitions: Albroco, Nelson, Indequip and Hydravalve;

Ø established three clearly-focussed divisions: Distribution, Power Motion Control and Process; and

Ø implemented strategic structural refinements and new data processing resources which are already delivering improved operating efficiencies across the organisation.

"As we indicated in our preliminary results announcement on 12 April, 2016 started well and, as we meet today, Group trading continues to be in line with management expectations. 

"Our Group's core philosophy is unchanged - ie. to deliver profitable growth while maintaining consistent high levels of service to our diverse customer base.  We have a solid technically based and resilient business model which is underpinned by its ability to deliver strong cash generation and profitable returns for all stakeholders.

"As a Board we remain optimistic that our wide range of revenue enhancing development programmes linked also to our focused acquisition strategy will continue to create significant opportunity to achieve further organic growth, increased market penetration and positioning through our multi-channel strategy approach."

"Turning to our markets, we remain vigilant and ever aware of the more challenging conditions being experienced across the majority of industrial sectors, particularly in the UK.  Also, consideration has to be given to the current BREXIT campaign and the uncertainty surrounding its outcome. Whilst this factor is causing a degree of constraint in some of our markets, the Directors believe this to be a short term influence.

"In summary, therefore, we fully anticipate that Group trading for the 2016 financial year will meet market expectations and we remain optimistic about the future of the Group."