Avingtrans (AIM:AVG) commendable results, the rating looks enticing
The manufacturer of critical components to the aerospace, energy and medical sectors announced commendable results for the year ending 31st May 2015 in the face of considerable headwinds. As the buffeting subsides this could offer an attractive recovery story.
With the tumbling oil price inflicting considerable pain, exacerbated by a material decline in aerospace output due to customer destocking, revenue fell 4% to £57.8m and adjusted profit before tax fell 16% to £2.9m. Adjusted EPS decreased by 26% to 10.1p which was slightly better than the house broker’s forecast of 9.7p.
The Aerospace division saw turnover decrease 7% to £35.9m and Energy & Medical division saw…
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