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26 JUNE 2017
Metalcraft secures contract extension with Sellafield

Stainless Metalcraft (Chatteris) Ltd. (Metalcraft), part of the Group's Energy and Medical division, has secured an additional contract option with Sellafield Ltd. The contract is worth an additional £11 million in revenue to Metalcraft, the majority of which is expected to be spread equally over the three years to FY21.

Building on Metalcraft's award in May 2015 of a contract worth up to £47m for the supply of waste containers over 10 years, Sellafield has now executed an option within that contract for an additional quantity of containers.

From the initial contract award in 2015, Metalcraft has successfully cleared the prototype development phase of the contract and has established a world class dedicated manufacturing facility, which is now engaged in pre-production trials.

Austen Adams, Managing Director of Metalcraft and Avingtrans Plc's Energy and Medical division, said: "This is another significant step forward for Metalcraft in this market. Over the last two years, the company has demonstrated its capability to produce these demanding ILW (Intermediate Level Waste) containers. The Metalcraft team, working closely with Sellafield, has established a great platform for the provision of these containers for years to come. It is pleasing to see this being recognised with the award of additional production volume."

Steve McQuillan, Chief Executive Officer of Avingtrans Plc, added: "The Board is delighted that Metalcraft has secured such an additional option to this prestigious contract. It is a testament to the expertise and hard work of the Metalcraft team and vindicates the Board's decision to move the Energy and Medical business into new markets. Metalcraft is a leading player in its chosen markets and contracts such as this underline our status as a world class business."


16 MARCH 2017
Roger McDowell honoured in 2017 Non-Executive Director Awards

Avingtrans PLC is pleased to announce that Non-Executive Chairman, Roger McDowell, has been honoured in the 2017 Non-Executive Director Awards as winner of the Quoted Company -AIM category

www.nedawards.co.uk

Since joining Avingtrans in 2008, in his role as Non-Executive Chairman, Roger has overseen a significant and highly successful turnaround in the performance of the business. Under Roger’s stewardship, Avingtrans has been transformed from a heavily indebted business lacking direction, to one where the Pinpoint, Invest and Exit strategy (PIE) has delivered a seven-fold increase in shareholder value, as exemplified by the successful disposal of the aerospace business in 2016 for £65m which resulted in the return of an additional £19m to shareholders
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28 FEBRUARY 2017
Acquisition of Scientific Magnetics

Avingtrans PLC has acquired a majority stake in superconducting magnet and cryogenic systems company Space Cryomagnetics Limited, trading as 'Scientific Magnetics' (the "Acquisition") for total consideration of £347k.

Scientific Magnetics, based in Abingdon, Oxford with 15 members of staff, was formed in 2000 as a spin-out from Oxford Instruments, before becoming fully independent in 2005.  It designs, manufactures, tests and installs superconducting magnet systems for a range of applications, as well as providing consultancy services to blue chip companies, such as Siemens and Rolls-Royce.

The Acquisition will bring Scientific Magnetics' expertise in superconducting magnets and cryogenics together with the Company's own engineering and volume production division, which also has a long track record of innovation in the medical and space sectors. In addition, Scientific Magnetics will broaden the Group's capability in the supply of vacuum vessels and cryostats for Big Science, space and astronomy projects. Scientific Magnetics has recently developed a number of exciting technologies, including a helium-free magnet system for pre-clinical MRI and ultra-high vacuum (UHV) applications, and the Directors believe that the Acquisition will enable Scientific Magnetics to bridge the gap between prototype development and commercial production; a proven area of expertise for Avingtrans.
Steve McQuillan, CEO of Avingtrans, commented "We are delighted to have completed this deal, which will deliver a real step change in our offer to several key markets.

"The Acquisition aligns with our 'buy and build' strategy, which also saw us purchase the assets of oil & gas manufacturer Whiteley Read in December 2016. We are looking forward to working with the Scientific Magnetics team to deliver on what are genuinely exciting opportunities across a number of key markets."

Consideration for the Acquisition is £347k (the "Consideration"), payable by way of £285k in cash and £62k to be satisfied by the issue of 27,233 new ordinary shares in the capital of Avingtrans (the "Consideration Shares"), in exchange for 94 per cent. of the issued share capital of Scientific Magnets. The Consideration Shares are to be issued at a price of 226.5p per share, being the average mid-market closing price of the Company over the five trading days prior to signing the share purchase agreement in respect of the Acquisition. As part of the Acquisition the Company has also agreed to repay an outstanding loan and accrued interest owed by Scientific Magnets, amounting to approximately £468k.

For the year ended 30 June 2016, Scientific Magnetics reported turnover of £2.0m and profit before taxation of £41k.


23 NOVEMBER 2016
100 years of apprentices

Stainless Metalcraft, part of our Energy & Medical division, has a long history of training engineers, with 2016 marking the 100th anniversary of its apprenticeship scheme.

Today, over 40% of its workforce consists of former apprentices, including many members of its senior management team.

The business currently employs 17 apprentices, and plans to recruit a further 10 apprentices every year until at least 2020, all of which receive practical training at our on-site facility – the Fenland Engineering Skills Centre – while studying at local colleges.

We’re delighted that this commitment to training the next generation of engineers was recognised at Nuclear Decommissioning Agency’s Supply Chain Awards, where the business was awarded the prestigious Minister’s Award. You can find out more about the scheme – and what our apprentices have to say about it –
here >.


3 NOVEMBER 2016
Metalcraft wins Minister’s Award

Metalcraft has been named as winner of the Minister’s Award at the Nuclear Decommissioning Authority’s (NDA) Supply Chain Awards.

The Chatteris-based business, which forms part of Avingtrans PLC’s Energy & Medical Division, was also highly commended in the Capability and Capacity category when the winners were announced this morning at the NDA Supply Chain Event at EventCity, Manchester.

Austen Adams, managing director of Avingtrans’ Energy & Medical division, said: “This is fantastic news for the business and welcome recognition of all the hard work the team has put in to establish ourselves as a key supplier in the sector.

“The judges’ comments highlighted our commitment to investing in home-grown talent through our apprenticeship scheme – which is currently celebrating its 100th anniversary – as well as our determination to supply products and equipment for high-integrity, mission-critical items well into the future, ensuring the next generation of engineers is trained to the highest standards.”

The Minister’s Award recognises the great value, flexibility and innovation that SMEs bring to the UK’s nuclear decommissioning programme. Metalcraft was also highly commended in the Capability and Capacity category, with judges praising the business for its anticipation of an impending skills challenge among an ageing workforce and the development of an apprentice training academy – the Fenland Engineering Skills Centre – to overcome this issue.

Ron Gorham, chair of the judging panel and NDA’s Head of Supply Chain Optimisation, said: “Our suppliers play a critical role in delivering timely, cost-effective decommissioning across our sites, and we are delighted to acknowledge their vital contribution. These awards celebrate the commitment of our supply chain and the value they bring on a daily basis.”


29 SEPTEMBER 2016
Metalcraft wins £9m, 10 year contract with Wuhan NMR, China

Metalcraft has signed an exclusive ten year agreement with Wuhan Zhongke Niujin Magnetic Resonance Technology Co. in Wuhan, China.
 
Worth an estimated £9m over ten years, the agreement will see Metalcraft, part of Avingtrans PLC’s energy and medical division, produce high integrity cryostat components for Nuclear Magnetic Resonance systems (NMR).
 
Component production will initially take place in the UK at Metalcraft’s facility in Chatteris, before transitioning manufacturing to Metalcraft’s own established facility in Chengdu, China.
 
NMR spectroscopy complements other structural and analytical techniques, such as X-ray, crystallography and mass spectrometry and can be used alongside MRI related technology, to provide multidimensional images and spatially resolved information.
 
Austen Adams, Managing Director of Avingtrans’ Energy & Medical division, said: “We are delighted to announce this new global contract.
 
“With the development of our Chinese manufacturing facility devoted solely to our volume customers’ products, we are able to offer our customers a truly global capability to satisfy the logistical and commercial demands.
 
“We will work closely with our customer to develop a fully value-engineered solution for the components for their NMR systems, ensuring all procedures and processes are firmly established, before transitioning the work to our Chinese site, which will not only bring additional cost efficiency but also bring the manufacturing closer to end customer locations.”


2 AUGUST 2016
Maloney Metalcraft signs £3.5m contract with EDF

Maloney Metalcraft, part of Avingtrans PLC's Energy & Medical division, has secured a contract with EDF Energy, worth £3.5m, to supply components for their current fleet of seven nuclear power stations across the UK.

Maloney Metalcraft will supply gas-cooling process-critical valves for each of the seven EDF managed Advanced Gas-Cooled Reactors around the country (Dungeness B, Hinkley Point B, Hunterson B, Hartlepool, Heysham 1, Heysham 2 and Torness). The contract is part of a life extension programme that will also see Maloney Metalcraft providing engineering support and on-site services to EDF Energy as part of the deal. These contracts will continue until the end of life of the stations.

Austen Adams, managing director of Avingtrans Energy & Medical Division, said: "The contract win is good news for the business and recognises the expertise we've developed in what is truly a performance-critical sector.

"The Maloney Metalcraft team designed and supplied the original Carbon Dioxide gas drying systems for the stations back in the 1970s but, with further delays to the Hinkley Point C programme, extending the life of these older nuclear power stations has become critical to keeping the lights on across the UK."

Steve McQuillan, Chief Executive Officer of Avingtrans plc, added: "The Board is delighted that Maloney Metalcraft has secured another important contract in the nuclear sector. It underlines the Board's decision to invest in the Energy and Medical business and, specifically, to strengthen Maloney Metalcraft's position in this market.".


27 MAY 2016
Completion of Disposal of Aerospace Division

Further to the announcement made on 4 May 2016, Avingtrans (AIM:AVG) announces that it has completed the sale of the Aerospace Division to Anthony Bidco Limited, a company controlled by funds managed by Silverfleet Capital Partners LLP.


4 MAY 2016

Proposed Disposal of Aerospace Division

Avingtrans (AIM:AVG) announces that it has entered into an agreement to sell (the “Transaction”) its Aerospace Division (Sigma Components) to Anthony Bidco Limited (the “Purchaser”) a company controlled by funds managed by Silverfleet Capital Partners LLP (“Silverfleet Capital”) for an enterprise value of £65 million which, after adjustment for debt and working capital and associated transaction costs, will result in the Company receiving proceeds of approximately £52 million (before escrow arrangements).

Silverfleet Capital is a leading, independent, European private equity firm, specialising in mid-market buyouts.

Following the proposed Transaction, Avingtrans will continue to develop the Energy and Medical markets served by its Metalcraft and Maloney Metalcraft businesses. It is intended that Avingtrans will return a substantial portion of the proceeds of sale to shareholders.

As well as partly repaying the Group’s existing debts, the retained portion of the sale proceeds will be used to continue to build Metalcraft’s leadership in Energy related markets (notably in the nuclear sector) and potentially in other high value engineering niches, where the Board believes that it can use its turnaround expertise to add substantial shareholder value.

Steve McQuillan, Chief Executive Officer of Avingtrans plc, commented “I am delighted to announce the agreement to sell the Aerospace Division. Following a strategic review the Board concluded that it was the right time to consider the disposal of the Aerospace business which had achieved the majority of its targets. This transaction further demonstrates Avingtrans’ track record in growing successful businesses and realising value for shareholders. The proceeds of this transaction will enable the return of substantial value to shareholders while also providing additional investment for the Energy and Medical businesses where the Board believes there are exciting prospects which have the potential to deliver significant further value for shareholders.”

Background to and reasons for the Disposal

A strategic review of the Avingtrans group and its prospects was carried out during 2015. This review involved the Board and the Divisional Managing Directors, as well as external advisors. There were four key outcomes of this review:

1. Avingtrans has a successful track record of growing businesses from start-up, developing them internationally, and crystallising value through their sale at an appropriate stage in their development, as demonstrated by the successful sale of JenaTec in 2012.

2. Following the successful conclusion of the acquisition of the Rolls-Royce pipe business (completed in March 2016), the Board felt that it had achieved the majority of the targets which it had set for the Aerospace Division and it was the right stage in its development to consider a disposal of the business.

3. Subject to achieving an attractive valuation for the Aerospace Business, the Board believed that shareholder value would be maximised over the mid to long term by disposing of the Aerospace Division and returning part of the proceeds from the Disposal to shareholders, with the Company also reinvesting part of the proceeds into strengthening the Group’s position in the Energy sector and potentially other high value engineering sectors.

4. The Board believes that the successful contract win by the Energy and Medical business with Sellafield in May 2015 (of the initial tranche of 3M3 nuclear waste disposal containers) demonstrated the significant business opportunities available in this market, if the Group were able to put more focus and resource into this sector.

Over the last few years, the Company has successfully grown the Aerospace Division, to become an international leader in its chosen niche markets of aerospace pipe and duct manufacture and precision surface finishing. This development has been underpinned by a number of modestly priced acquisitions, which have enabled the Aerospace Division to build a strong market position and to produce improved performance. The Board believes that this has enabled the Company to be able to realise significant value for shareholders through the Disposal, at a significant premium to the cost of the original component parts.

This outcome follows a concentrated sale process, which included a selected group of relevant industry and financial suitors from the UK, Europe, the USA and Asia.

Financial effects of the Disposal and Profits attributable to the Sale Companies
During the financial year ended 31 May 2015, the Aerospace Division reported revenue of £35.3 million and operating profit of £3.3 million (adjusted for the Composites business which is not being sold as part of this Transaction). In March 2016, the Company acquired Rolls-Royce's internal pipe manufacturing businesses in Nuneaton, UK and Xi'an, China for £3.5 million, which is expected to be at least break even in the current financial year.

The net assets of the Aerospace Division as at 29 February 2016 were approximately £26 million.

As at 30 November 2015, the Company had net debt of £6.1 million. Following the completion of the Disposal, the Board expects to have net cash in excess of £47 million.

Current trading and future prospects

The Group has been trading in line with management expectations during the current financial year.

Trading in the Aerospace Division has been marginally ahead of management expectations in terms of profit, driven by the Rolls-Royce pipe business acquisition being ahead of schedule on integration. The Company acquired the Rolls-Royce pipe business in March this year, and whilst this has only been under our ownership for two months, the initial signs are encouraging and the business has been trading in line with our expectations, whilst integration costs are lower than expectations.

The Energy and Medical Division continues to recover steadily and is expected to meet management expectations, in terms of profit for the year. However, sales are expected to be somewhat lower than our expectations, principally due to the Sellafield production start-up taking longer than previously expected; and due to some delays in major gas contracts and prospects, which have reduced the long term accounting revenues that can be recognised in the current financial year. However, the Board expects these revenues to be recovered in the Group’s 2017 financial year.

As noted in the Company’s Interim statement, the restructuring of the Energy and Medical Division is now very well advanced. As a result, the business is now on a firm footing to take advantage of recent contract wins with Bruker and Rapiscan, as well as building a strong future in the nuclear sector with Sellafield, EDF and other prospective customers.

The £47 million, 10 year contract that the Group won with Sellafield last year represents less than 10 per cent. of the potential business that could be won with that customer. Sellafield represents approximately half of the nuclear decommissioning opportunity in the UK for businesses like Metalcraft and similar opportunities exist in other countries. There are also longer term opportunities in nuclear fleet refurbishment and new build with EDF and others.

Therefore, the Board believes that a focus on the exciting prospects in the Energy sector, as well as a secure existing platform in the Medical and Biomedical equipment markets, will provide Shareholders with the potential to achieve further value growth, in addition to the proceeds to be returned to Shareholders from the Disposal.

The proposed Disposal of the Aerospace Division represents the second major shareholder value enhancing transaction by the Group, following the disposal of JenaTec in 2012. The Board believes that further consolidation strategies are foreseeable, both in markets where the Group has an existing footprint, and in other compatible high value engineering niches. This is a familiar blueprint, but it is capable of delivering significant returns, if well executed.

Use of Sale Proceeds
The Board will consider the application of the proceeds from the Disposal following Completion, but it is anticipated that they will be used as follows:

1. to return a substantial portion of the proceeds to Shareholders. A further announcement will be made in due course on the amount, method and timing of this return of cash;

2. to retain a portion of the proceeds to invest in the Energy equipment market, specifically to strengthen Metalcraft’s position in the nuclear sector and to pursue other related engineering sector opportunities; and

3. to partially repay the Group’s existing debt, whilst retaining appropriate banking facilities for the future effective operation of the Group..

Summary of the terms of the Disposal
Pursuant to the Sale and Purchase Agreement between the Company and the Purchaser, the Purchaser has, conditionally, agreed to acquire 100 per cent of the issued share capital of the Sale Companies.

The proposed Transaction is conditional upon, inter alia, the approval of the proposed Disposal by Shareholders and regulatory approvals from the relevant competition authorities in Germany and Austria being received. Completion of the Disposal is expected by the end of May 2016.

The enterprise value for the disposal of the Aerospace Division is £65 million, on a locked box basis. After adjustment for debt and working capital, this will result in the Company receiving an equity value of approximately £58 million. The net cash proceeds arising from the Disposal are expected to be approximately £52 million, after transaction costs of approximately £4.5 million and approximately £1.5 million to be held in escrow until 30 September 2017. The retained funds will be paid to Avingtrans by 30 September 2017, subject to there being no claims under the Sale Agreement.

In the event of the Resolution not being passed the Company has undertaken to pay the Purchaser £0.5 million in relation to fees incurred by it with respect to the proposed Transaction.

Notice of General Meeting
Due to its size, the Disposal constitutes a fundamental change of business under Rule 15 of the AIM Rules for Avingtrans and therefore requires the approval of Shareholders. The Disposal is also conditional on, inter alia, competition authorities in Germany and Austria providing clearance for the Transaction.

Accordingly, the Company announces that it will tomorrow post, to those Shareholders requesting a hard copy, the circular providing details of the resolution to approve the proposed Transaction and with a notice of a General Meeting of the Company, which will be convened at 11:30 a.m. on 25 May 2016 at the offices of Shakespeare Martineau LLP, No1 Colmore Square, Birmingham, B4 6AA

The circular and Notice of General Meeting will also be available on the Company’s website at www.avingtrans.plc.uk

Irrevocable Undertakings
The Company has received irrevocable undertakings to vote in favour of the Resolutions from shareholders holding 11,552,838 Ordinary Shares which represent 41.6 per cent of the issued share capital.

7 MARCH 2016
Sigma signs £75m deal with Rolls-Royce

Sigma Components has signed a ten year contract with Rolls-Royce valued at more than £75m to supply pipe assemblies for a range of engine programmes including the rapidly growing Trent XWB variants fitted to the Airbus A350.

The 10-year contract follows the successful completion of Sigma's acquisition of Rolls-Royce's internal pipe manufacturing businesses in Nuneaton (UK) and Xi'an (China) for£3.5m, which was announced on 29 January 2016.

Mark Johnson, Managing Director of Avingtrans' aerospace division, said: "We're delighted to have completed this deal, which cements our position on strategically important engine programmes and provides a platform for growth across our product range in key markets.

The assemblies will be manufactured across our facilities in the UK and China, providing a springboard for further recruitment as programmes such as Trent XWB grow significantly in the coming years. Sigma has developed a strong working relationship with Rolls-Royce since 2006, becoming a key delivery supplier in both home and emerging markets.

Having recently expanded our capability in the UK and China, we are delighted with the trust that Rolls-Royce is placing in Sigma to deliver rigid pipes on key programmes. By delivering the contract across both our UK and Chinese operations, we can offer Rolls-Royce significantly improved commercial terms, combined with a confidence in the quality of components developed over many years.”
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15 FEBRUARY 2016
New Contract and Framework Agreements for Energy and Medical Division

The Energy and Medical division of Avingtrans has diversified into the materials technology market, with a contract to provide composite components for airport scanners.

Avingtrans has signed an initial contract and three-year framework agreement worth over £3.5 million with Rapiscan, a leading security screening provider based in California. Under the terms of the contract, Avingtrans will provide key components for Rapiscan’s new and ground-breaking airport scanner, the RTT110 (Real Time Tomography). The RTT110 is also the first scanner to successfully pass the European Civil Aviation Conference’s (ECAC) Standard 3 threat detection test for baggage-borne explosive risks – a standard that will become compulsory for airports around the world by 2020.

Additionally, Stainless Metalcraft, also part of the Group’s Energy and Medical division, has signed a framework agreement with Bruker BioSpin AG (“Bruker”), a Swiss based market leader in analytical magnetic resonance instruments. Production will initially take place in the UK, before manufacturing transitions to Metalcraft’s own established facility in Chengdu, China. Worth £1m per annum, the agreement will see Stainless Metalcraft produce high integrity cryostat components for Bruker’s Nuclear Magnetic Resonance systems (NMR). NMR spectroscopy complements other structural and analytical techniques, such as X-ray, crystallography and mass spectrometry and can be used alongside MRI related technology, to provide multidimensional images and spatially resolved information.

Austen Adams, Managing Director of Avingtrans’ Energy & Medical division, said: “We are delighted to announce these important new work programmes with Rapiscan and Bruker. Both mark an important development in the ongoing diversification of the Energy and Medical division”

“We have been working with Rapiscan to develop its RTT110 scanner for a some time now and this supply contract means we can now ramp up production to meet fast-growing demand. Security is a real challenge for airports as passenger numbers increase around the world but, until now, this increase has not been matched by advances in security risk detection technology.”

“We will work closely with Bruker to develop a fully value-engineered solution for the components for their NMR systems, ensuring all procedures and processes are firmly established, before transitioning the work to our Chinese site, which will not only bring additional cost efficiency but also bring the manufacturing closer to end customer locations.”


29 JANUARY 2016
Acquisition of Rolls-Royce pipe manufacturing business

Sigma Components, Avingtrans PLC’s aerospace division, has agreed to acquire Rolls-Royce’s internal pipe manufacturing businesses in Nuneaton, UK and Xi’an, China for £3.5m. Sigma has developed a strong relationship with Rolls-Royce over a number of years, by supplying components for numerous engine programmes.

“As well as strengthening the Group’s UK manufacturing footprint, the Chinese facility complements the Group’s existing operations in Chengdu and will further enhance Sigma’s offering to global aerospace OEM’s in this key growth region. The acquisition will also reinforce the Company’s position in several key engine programmes - notably the Trent XWB - and provide a strong platform from which to grow sales across our wider product range”, commented Mark Johnson, the Managing Director of the Aerospace Division.

Sigma will use the combined capabilities of its UK and Chinese facilities to offer competitive commercial terms to Rolls-Royce, as the XWB programme grows rapidly. This acquisition will grow sales significantly, as Sigma continues to strengthen its position in the core markets of pipes, ducts and fabrications.

Rolls-Royce’s internal pipe manufacturing business employs 132 people at its Nuneaton facility, with an additional 110 personnel working at its Xi’an site. Operations will continue at both sites following the completion of the deal. At completion, around the beginning of March 2016, the acquired assets are expected to be £3.5m and, in the previous financial year, to December 2015, the business traded at an approximately break-even level.

Steve McQuillan, CEO of Avingtrans, said: “This acquisition is a key part of our strategy to support Sigma’s growth with investment in businesses and technologies that complement our existing capabilities. We are delighted to be working with Rolls-Royce on these major programmes.”


4 NOVEMBER 2015
Maloney Metalcraft signs first Saudi Arabian shale gas contract

Maloney Metalcraft, part of Avingtrans plc’s Energy and Medical Division, has secured a $2 million contract with JGC Gulf International Co. Ltd. to supply gas treatment packages.
 
The Saudi Arabian Oil Company (Saudi Aramco) – the state-owned oil company of the Kingdom of Saudi Arabia and the world’s top exporter of crude oil and natural gas liquids – is developing infrastructure for processing shale formation gas (unconventional gas) from the Jalamid field in the Al-Jouf and Northern Border Regions in the northwest part of Saudi Arabia. The first phase of this project (System “A”) will involve gathering gas from the ST-53A area of these fields, routing it to an engineered surface facility location, then transporting it about 30 km via pipeline to a customer.
 
The contract with JGC Gulf International, which is contracted by Saudi Aramco, covers the initial four gas treatment separation & filtration packages in System A. System B of the Project will be EPC tendered in Q2 2016, requiring 4 times the number of packages as System A. As well as bidding for System B, Maloney Metalcraft also anticipates the opportunity to pursue additional gas processing equipment work.
 
Austen Adams, managing director of Avingtrans’ Energy and Medical division, said: “The challenges faced by the oil and gas industries are well documented but this contract, our first shale gas project, demonstrates that new business opportunities are available for companies with the recognised experience and expertise necessary to design and build performance critical components. We are delighted to be supplying Saudi Aramco on this shale gas project and we look forward to working with them in the future."


18 JUNE 2015
Sigma signs £5m contract with Sonaca

Sigma Components, part of Avingtrans plc‚s aerospace division has signed a contract worth £5 million of revenue over 5 years to supply fabricated assemblies to Sonaca for Airbus, Bombardier and Embraer programs.

The five-year contract with Sonaca SA in Belgium was signed during the Paris Air Show and will be managed from the company‚s Farnborough site. This contract will see Sigma becoming the sole supplier to Sonaca for critical assemblies in the anti-icing systems of several programmes.

Mark Johnson, managing director of Sigma Components, said: "This contract is great news for the Farnborough business that we acquired in 2012 and reflects well on the team that have earned the trust of Sonaca to award us this contract. Sigma has been very active at the Paris Air Show this week, opening up new opportunities and building on the Sigma brand and the new technologies we have been developing."


11 MAY 2015
Stainless Metalcraft secures nuclear storage equipment contract

Stainless Metalcraft (Metalcraft), part of the Group's Energy and Medical division, has secured a contract with Sellafield Ltd, potentially worth £47 million in revenue to Metalcraft, over 10 years.

Metalcraft is one of two named bidders that will share equally in the full contract to provide waste storage containers for Sellafield Ltd.

Phase one of the project, with a duration of two to three years, is worth between £5m and £8m and covers the set-up and development of a production facility for nuclear waste storage containers. During the potential second phase of the contract, the facility will produce over one thousand of these 3m3 ("three-meter-cubed") storage containers, which will be constructed over years 3 to 10.

Austen Adams, managing director of Stainless Metalcraft and Avingtrans Plc's Energy and Medical division, said: "This is a landmark contract for Metalcraft and we're genuinely excited by the potential it offers. The company already has a strong track record in the nuclear sector and this contract will see the creation of a world-class, dedicated facility for the manufacture of ILW (Intermediate Level Waste) containers. Since joining the Civil Nuclear Sharing in Growth programme just over 12 months ago, the team has invested a huge amount of time and effort to develop their understanding of the decommissioning process - honing the skills and processes required - and this contract is just reward for all their hard work."

Steve McQuillan, Chief Executive Officer of Avingtrans Plc, added: "The Board is delighted that Metalcraft has secured such a prestigious contract. It is a testament to the expertise and hard work of the Metalcraft team and also vindicates the Board's decision to move the Energy and Medical business into new markets. Metalcraft is a leading player in its markets and contracts such as this underline our status as a world class business."


27 NOVEMBER 2014
Long Term Contract win with PFW Airbus

Avingtrans is pleased to announce that Sigma Components, the Group's Aerospace Division, has signed a 10 year long term agreement (LTA) with PFW Aerospace GmbH (part of Airbus) valued at c£25m over its duration, based on the current predicted volumes.

The contract is to be sole supplier of selected fabricated assemblies on the Airbus A350 programme. In order to support the contract, Sigma will invest in additional manufacturing capabilities at its facility in Farnborough.

Mark Johnson, Managing Director of Avingtrans Aerospace Division commented "We are really pleased with the ongoing development of our relationship with PFW Airbus, a customer that offers significant potential for Sigma. As well as being our first major deal for an Airbus aircraft, it is also the fifth major LTA that Sigma has signed with an increasingly diverse customer base in the last 24 months, having a total value of over £200m."


11 AUGUST 2014
Acquisition of RMDG

Avingtrans has acquired the trade and certain business assets and liabilities relating to the manufacture of aerospace components from Tricorn Group plc's ("Tricorn") subsidiary, RMDG Aerospace ("RMDG" and the "Acquisition") for a cash consideration of £1.1 million, excluding costs. The Acquisition is was completed on 11 August 2014.

Highlights of the Acquisition:

• Strengthens the Group's Aerospace division, Sigma Components ("Sigma")

• Cash consideration of £1.1million

• Reinforces Avingtrans' position with certain existing customers, as well as introducing new customers to the Group

The principal activity of RMDG, located in Swadlincote, Derbyshire, is the manufacture of a range of rigid pipe assemblies and precision components for the aerospace sector. The Directors of Avingtrans (the "Board") believe that the Acquisition enhances the Group's aerospace components and sub-assemblies offering and the Board is pleased to take this further step in implementing the Group's strategy for aerospace. RMDG has a number of customers in common with Avingtrans, as well as several customers with whom the Company has no existing commercial relationship. The Board therefore believes that the Acquisition will both strengthen its current portfolio and also add valuable new sales channels.

RMDG generated revenues of £3.2 million and an adjusted operating loss of £0.14 million during the year ended 31 March 2014. However, the Board believes that its potential is materially higher, when combined with the Group's other aerospace assets. The net book value of the assets and liabilities being acquired has been valued at £1.1m million, as at 31 March 2014.

In the current financial year, the business is expected to make a small operating loss, but to move back to break even and beyond from the next financial year. The Acquisition will be funded from existing debt facilities and the transaction will not materially affect the overall Group debt position.

RMDG employs 29 people in the UK, all of whom have transferred to Avingtrans
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4 AUGUST 2014
PLC Board Appointment – Les Thomas

Avingtrans has appointed Les Thomas to the Board of Directors as a Non-Executive Director, effective 1 September 2014.

Mr Thomas has over 30 years' experience in the Oil and Gas industry, in various subsurface, engineering, operational and senior management positions. Les is currently CEO of Ithaca Energy Inc, appointed in 2013 and has previously served as a main Board Director of Wood Group and Chief Executive of its Production Facilities business and Group Director responsible for HSE. Prior to this, he spent 22 years with Marathon Oil, including four years as European Business Unit Leader, responsible for Marathon's upstream business in the UK, Ireland, Netherlands and Norway.

The appointment of Les and Dr Gareth Job, announced on the 30 July 2014, strengthens the Group's expertise in the Oil and Gas sector and demonstrates commitment to further developing it as a key market, as the Company positions Maloney Metalcraft as a leading supplier to global original equipment manufacturers (OEMs).

Commenting on the appointment, Roger McDowell, Chairman of Avingtrans said: "Les has a great deal of experience in the Oil and Gas capital equipment industry, a market that is becoming increasingly important to the Avingtrans Group. In addition to the continuing successful development of our offering in the Aerospace market, we are looking to grow our presence in the niche equipment market of the Oil and Gas sector."

Les Thomas commented: "I am delighted to be joining the Board of Avingtrans as a Non-Executive Director. The integration of Maloney Metalcraft with the rest of the division provides an exciting opportunity to further develop the Group's offering to the Oil and Gas sector."


30 JULY 2014
Energy and Medical Division Board Appointment – Dr Gareth Job

Avingtrans plc has appointed Dr Gareth Job as a Divisional Non-Executive Director for the Energy and Medical Division. He will join the divisional board with effect from 1 August 2014.

Dr Job has 25 years' experience within the Oil & Gas industry and is currently employed full time in a senior project director role with Technip, a world leading energy industry engineering group. Prior to this Gareth helped pioneer best practice within the International Engineering and Construction Industry in Risk Management as head of Project Risk Management for Shaw Energy and Chemicals and as a Director of the Engineering and Construction Risk Institute (ECRI). Gareth has a PhD in Chemical Engineering, is a Chartered Engineer and he has particular interest in offshore and onshore oil and gas projects. His specialities include project management, commercial management and risk analysis.

Commenting on the appointment, Steve McQuillan, CEO of Avingtrans said: "Gareth is a very talented individual with many years of experience in the Oil & Gas industry. His appointment will strengthen our Division, as Avingtrans continues to increase its presence and influence in oil and gas and energy markets in general."

Dr Gareth Job commented: "I am delighted to be joining the Energy and Medical Divisional Board at Avingtrans. The Company has a strong product offering, which it is rebuilding as it integrates Maloney Metalcraft with the rest of the division and is well placed to grow significantly in the oil and gas arena."


14 JULY 2014
Prime Minister unveils COMPipe - revolutionary weight saving technology

Prime Minister unveils COMPipe - revolutionary weight saving technology
Prime Minister David Cameron attended the official launch of COMPipe at Farnborough Air Show 2014. The new technology, developed by Sigma Components as part of the €1.8m Clean Sky programme will deliver dramatic weight savings for aero-engines, reducing costs and CO2.

Mark Johnson commented: “This visit from the Prime Minister David Cameron is a tribute to the hard work and vision of our team, and proof that our profile is building as we invest, innovate and develop our portfolio of skills and products. As we expand our facilities in the UK and China, we’re also introducing new technologies that will secure Sigma’s long term future. We’re delighted to be able to unveil our revolutionary COMPipe at the Farnborough Airshow today, as it promises to have such a major part to play in the future of aero-engine manufacturing across the world.”

Although the project is not due to be completed until Autumn 2014, the potential weight savings from the new composite pipes and end fittings are already surpassing expectations. If all the engines due to be delivered over the next 20 years were made using COMPipe and its fittings, conservative estimates predict a saving of 4.5million tonnes of CO2 could be made over the life of the engines.

Using approximately 150 composite pipes and fittings per engine, the total weight saving per engine is at least 10kg. Lowering the engine weight has a knock-on effect of reducing weight elsewhere in the aircraft, known as the snowball effect; creating an overall empty weight saving of up to 80kg for a twin-jet aircraft.

Mark Johnson explained: “This revolutionary project is proving that a modest weight saving in a single fitting can create a massive snowball effect that will greatly reduce the overall cost, size and environmental impact of manufacturing and running aircraft. Our figures demonstrate that huge savings can be made straight away if COMPipe and the technologies involved in its production are implemented.


6 NOVEMBER 2013
Appointment of Austen Adams as Managing Director of Energy & Medical Division

The Board of Avingtrans is pleased to announce the appointment of Austen Adams as Managing Director of the Energy and Medical Division, with immediate effect. This follows the decision by Peter Kenny to step down from the role as he has announced his intention to leave the business at the end of November.

Austen joins from David Brown Hydraulics Group, where, as CEO, he led the company through a change in ownership in 2008 and went on to deliver an impressive growth programme, establishing the business in new geographies such as India, China, Russia, and Australia. Through an overhaul of the product range, he repositioned this group as a highly credible global engineering solutions provider.

Austen will replace Peter on the Executive Committee, which will now consist of: CEO, Steve McQuillan, CFO, Stephen King, MD Aerospace, Mark Johnson and MD Energy & Medical, Austen Adams.

Steve McQuillan, Chief Executive, of Avingtrans commented:

"I would like to place on record my most sincere thanks to Peter for all of his hard work and endeavour over the 23 years that he has been with the Company and also for agreeing to stay until the end of November to ensure an orderly hand over to Austen. On behalf of the Board, I wish him and his family all the very best for the future.

“Austen’s appointment is an exciting development for the Group and highly appropriate in our structure following the disposal of Jena Tec last year. His experience of delivering growth in multiple geographies, whilst at David Brown Hydraulics is highly relevant to Avingtrans as we seek to instigate the same level of sustainable growth in our Energy and Medical division as we are already enjoying in Aerospace.

Austen Adams, MD Energy & Medical division, commented:

"I’m delighted to be joining the Avingtrans team. I’m looking forward to working with the teams within the businesses, both here in the UK and in China. Building on their excellent reputation, we will deliver sustainable growth together, through both excellence in customer service and by fully exploiting our world class, high integrity design and manufacturing capabilities.

Austen Adams, MD Energy & Medical division


1 OCTOBER 2013
Sigma signs £55m contract win Rolls-Royce

Avingtrans (AIM:AVG), a manufacturer of critical components and associated services to the global aerospace, energy and medical sectors is pleased to announce that Sigma Precision Components UK Ltd, part of the Group's Aerospace Division, has signed a 10 year long term agreement (LTA) with Rolls-Royce plc valued at £55m over its duration. The contract is to be sole supplier of self-locking nuts to Rolls-Royce and its supply chain.

This is the second LTA to be signed with Rolls-Royce within the last 12 months. In order to support the contract, Sigma will invest in additional manufacturing capability at its facilities in the UK and China.

Mark Johnson, MD of the Aerospace Division commented:

"We are pleased to have secured a second LTA from Rolls Royce, an agreement that supports both parties. Self-Locking Nuts are used extensively across a number of Rolls-Royce engines and, over the past four years, we are proud to have become the most competitive supplier for this range of products.

Steve McQuillan, CEO of Avingtrans, commented:

"This second landmark agreement for Sigma further underpins the Board's confidence in the Aerospace division.


2 SEPTEMBER 2013

Maloney Metalcraft signs further £2m contract with Porvair

Avingtrans (AIM:AVG), a manufacturer of critical components and associated services to the global aerospace, energy and medical sectors is pleased to announce that the recently acquired Maloney Metalcraft Ltd (formerly Exterran UK) has been awarded its second contract from Porvair for the manufacture and supply of Pulse Jet Filter Pipe Clusters. The contract is expected to generate over £2 million of revenue and runs to the end of September 2014.

Steve McQuillan, Chief Executive of Avingtrans, commented:

"We are very pleased to see a second significant order for Maloney Metalcraft since joining the Avingtrans Group in July. It further illustrates the pedigree of the business and its strength in the marketplace. The Board are confident that Maloney Metalcraft will continue to positively contribute to the Group and provide increased scale and expertise to Avingtrans' operations in the attractive Energy marketplace.


9 JULY 2013

Acquired Business Signs £1m Contract with Porvair

Avingtrans (AIM:AVG), a manufacturer of critical components and associated services to the global aerospace, energy and medical sectors is pleased to announce that Exterran UK, the business which it acquired on 4th July and which shall be known henceforth as Maloney Metalcraft Ltd, has been awarded a contract with Porvair for the manufacture and supply of filter housing assemblies. The contract is expected to generate c£1 million of revenue and runs to the end of June 2014.

Steve McQuillan, Chief Executive of Avingtrans, commented:

"We are pleased to be able to announce this early contract win, which underlines the strength of the operation and its reputation in the market place. This new contract provides momentum for the business as it joins the Avingtrans Group and we are confident that it can play a significant part in growing the Energy and Medical division.


4 JULY 2013
Acquisition of Exterran UK

Avingtrans plc, which designs, manufactures and supplies critical components and associated services to the global aerospace, energy, and medical sectors, announces that it has acquired the entire issued share capital of Exterran (UK) Ltd. ("Exterran UK"), the UK operations of US-based Exterran for a total consideration of £1 (the "Acquisition").  

The principal activity of the acquired business, which is based in Walsall, is the design, fabrication and installation of products for the global oil and gas market, including equipment solutions for petroleum production, gas processing, produced water treatment and aftermarket parts and services. The business has traded in the UK for many years and has been a long standing customer of Metalcraft. The business, which employs 85 people, will be integrated into the Energy and Medical division of Avingtrans. This new part of the division will henceforth be known as Maloney Metalcraft Ltd, to reinvigorate a previously well-known brand name in this market sector. Its key customers include: Petrofac, Talisman, Porvair, EDF and Shell. 

The Board believes that the Acquisition complements the existing capabilities within its energy offering and will provide cross selling opportunities. It will also enable the Company to pitch for larger projects once the Acquisition is fully integrated. The Board believes that the experience and capability of the Exterran UK engineering team will provide additional expertise as Avingtrans looks to increase its product offering and grow the division.

In the financial year ended 31 December 2012, Exterran UK reported revenue of £ 16.3 million and an adjusted loss before tax of £0.5m (which includes an adjustment for the removal of a loss making contract which was novated following the year end). Exterran UK is being acquired with a cash balance of £ 2 million, which management believes will be sufficient to fund the turnaround of the business, and on completion is expected to have net assets of circa £1.2 million. The Company expects Exterran UK to be at least break even in the year ending 31 May 2015 and earnings enhancing thereafter. (1).

Steve McQuillan, Chief Executive of Avingtrans commented: 

“We are pleased to announce the acquisition of Exterran UK which has a strong pedigree. This addition to the Avingtrans Group reinforces our plan to build the business around our two core divisions; Metalcraft (Energy and Medical) and Sigma (Aerospace) and provides scale and expertise in the attractive Energy marketplace. We are delighted that they will be joining the Group and are confident of our combined future success.


17 JUNE 2013
Business Minister, Michael Fallon meets Sigma at Paris Airshow

Sigma Components had a busy week recently at the Paris airshow. With the current growth of the aerospace industry, the atmosphere at the show was very positive. Sigma was able to share its plans during a personal visit to our stand by UK Business and Energy Minister, Michael Fallon.

He visited Sigma on hearing our announcement about opening a new facility in Hinckley, where Sigma has created about 20 new jobs in a specialist facility to introduce new products, before we move manufacture to our volume facilities in the UK or China.

The Minister said: "Thanks to innovative companies like Sigma, the UK's aerospace sector remains number one in Europe. Only by striving to continuously improve our already world-class products and services, can we expect to maintain the top spot.

"Sigma's new investment will ensure customer needs continue to be met. It is positive news for the local economy and underpins the continuing success of the company and the UK as a place to do business.

Business Minister Michael Fallon (left), with Mark Johnson, MD of the Avingtrans Aerospace Division


13 FEBRUARY 2013
Sigma signs £25m Long Term Agreement (“LTA”) with Safran Aircelle

Avingtrans (AIM:AVG), a manufacturer of critical components and associated services to the global aerospace, energy and medical sectors is pleased to announce that Sigma Components – Farnborough Ltd, part of Avingtrans plc’s Aerospace Division, has signed a long term agreement (LTA) with Safran Aircelle. 

Safran Aircelle is an existing client of the PFW Farnborough business that Avingtrans acquired in December 2012. The contract, which is valued at circa £25 million of revenue to Avingtrans over its duration of 10 years, includes the existing scope of the commercial agreement between the two companies and is to supply various fabricated assemblies.

Mark Johnson, Managing Director of the Aerospace Division, commented: 

“We are very pleased to announce this LTA with Safran Aircelle which is a result of the ongoing integration of the Farnborough business and which continues the impressive momentum that we have been building in the Aerospace Division. Along with the LTA that we signed with Rolls Royce in December of last year, we are building a good visibility of long term revenue which is an excellent base from which we can continue to grow the business.


28 NOVEMBER 2012
Sigma signs £80m contract with Rolls-Royce

Avingtrans (AIM:AVG), a manufacturer of critical components and associated services to the global aerospace, energy and medical sectors is pleased to announce that Sigma Precision Components UK Ltd, part of Avingtrans plc’s Aerospace Division, has signed a long term agreement (LTA) with Rolls-Royce plc. The contract is to supply rigid pipe assemblies and precision components and is valued at £80 million over its duration of 10 years. 

Mark Johnson, Managing Director of the Aerospace Division, commented:

“This is a major milestone in our relationship with Rolls-Royce. We will use Sigma’s developing global capability to deliver the best possible value to Rolls-Royce and we look forward to further strengthening our relationship with them over the life of this LTA.”

Steve McQuillan, Chief Executive of Avingtrans, said: 

“This agreement underpins the Board’s confidence in the Aerospace Division meeting management’s expectations in the current financial year. Following the disposal of Jena Tec for £13.45 million, and the subsequent acquisitions of Aerotech Tubes and aerospace assets from PFW, the Board continues to seek value enhancing acquisitions to build on the Group’s position in the Aerospace and Energy & Medical markets.”

www.sigmacomponents.com


26 NOVEMBER 2012
Acquisition of Aerotech Tubes Ltd

Avingtrans plc, which designs, manufactures and supplies critical components and associated services to the global aerospace, energy, and medical sectors, announces that it has acquired Aerotech Tubes Ltd (“Aerotech”) to expand Avingtrans’ Aerospace Division for a cash consideration of £2 million. Furthermore, the Company is pleased to have secured a new long term agreement, valued currently at £2 million per annum, over the next ten years, with an existing Aerotech customer.

Based in Derby, Aerotech manufactures pipe assemblies and manifolds for leading tier-1 customers in the aero-engine industry. Aerotech, which employs 10 people, reported revenue of £2.36 million* and an adjusted operating profit of £0.46 million* (being £0.25 million* before certain costs which are not expected to recur) for the year ended 31 December 2011.

Mark Johnson, Managing Director of Avingtrans’ Aerospace division commented:

“Aerotech is another excellent addition that will add further capability to our pipes and manifold business. The contracts we have agreed are on major aerospace programmes and provide visibility on revenues whilst also helping to cement our customer relationships.

“This is the second acquisition since the £13.45 million sale of our Jena Tec business and we are delighted that we’ve since been able to add two quality businesses to the Aerospace division for a total of £3.85 million in such a short space of time. We look forward to bedding in these two businesses and remain alert to further opportunities.



16 NOVEMBER 2012
Acquisition of Aerospace Assets

Avingtrans plc, which designs, manufactures and supplies critical components and associated services to the global aerospace, energy, and medical sectors, announces that it has agreed to acquire the trade and certain business assets and liabilities relating to the manufacture of aerospace components from PFW UK Limited’s Farnborough site (“PFW Farnborough” and the “Acquisition”) for a cash consideration of £1.85 million. The acquisition is due to be completed on 3 December 2012, following the completion of final targeted due diligence and employee consultation.

Highlights of the Acquisition:

• Strengthens the Group’s Aerospace division
• Cash consideration of £1.85m
• Reinforces Avingtrans’ position with certain existing customers as well as introducing new customers to the Group
• Broadens process and design capabilities to expand aerospace market offering

Information on the assets being acquired
The principal activity of the PFW Farnborough business is the manufacture of a wide range of precision aerospace components, from pipes and ducts to airframe structures. The directors of Avingtrans (the “Board”) believe that the Acquisition enhances the Group’s Aerospace components and sub-assemblies offering and the Board are pleased to have taken further steps in implementing the Group’s strategy, outlined recently after the disposal of the Company’s Industrial Products division. PFW Farnborough has a number of customers in common with Avingtrans, as well as several customers with whom the Company has no existing commercial relationship. The Board therefore believes that the acquisition will both strengthen its current portfolio and also add valuable new sales channels.

PFW Farnborough generated revenues of £7.5 million* and a trading loss of £1.8 million* during the year ended 31 December 2011. However, the Board believes that its current run rate and the potential is materially higher. The net book value of the assets and liabilities being acquired has been valued at £2.3m million as at 30 September 2012*. PFW Farnborough employs 102 people in the UK, all of whom are expected to transfer to Avingtrans following an appropriate consultation process.

Steve McQuillan, Chief Executive of Avingtrans commented:

“The recent sale of Jena Tec provided us with a more focused business and the means to invest in our core activities, including in our thriving Aerospace division. This acquisition will further strengthen our position in the aerospace pipes market, making us a leading player in this niche in the UK. We will develop the PFW Farnborough capabilities to broaden our product offering and thus expand our aerospace supply footprint.

“With the proceeds from the Jena Tec disposal, we will continue to explore opportunities which would improve our customer reach and thereby further strengthen our position in this attractive market.”

* Source: PFW Farnborough unaudited management information, prepared under generally accepted accounting principles in the UK"

www.sigmacomponents.com


5 NOVEMBER 2012
Sale of Jena Tec to Kuroda Precision Industries Ltd. (“Kuroda”) of Japan

Focus now on Aerospace and Energy Divisions

Avingtrans plc, which designs, manufactures and supplies critical components and associated services to the global aerospace, energy, medical and industrial sectors, announces that it has agreed the sale of its Industrial division, comprising the Jena Tec sub-group of companies (“Jena Tec”), to Kuroda, of Japan, for a cash consideration of £13.45 million (the “Sale”).

Highlights:

• Cash consideration of £13.45 million
• Avingtrans now focused on Aerospace and Energy & Medical Divisions
• Aerospace continues to thrive with record order book
• Board continues to evaluate potential acquisition targets
Disposal of Jena Tec provides certainty of funding

The Board believes that the Sale will enable Avingtrans to fully focus on its two core sectors through its remaining divisions, namely Aerospace and Energy & Medical, which together contributed revenues of £32.2 million and earnings before interest and tax (“EBIT”) of £1.8 million (before group costs and impairment of goodwill) during the year ended 31 May 2012 and currently employ 548 people. The proceeds of the Sale will be used to invest further in the growth of these divisions and to reduce debt, whilst the Board also continues to evaluate acquisition targets that it believes will enhance long-term shareholder value.

The Industrial division contributed revenue of £11.8 million and EBIT of £1.3 million during the year ended 31 May 2012. At that date, the gross assets of Jena Tec were £12.6 million. The division was constructed by Avingtrans from a series of small acquisitions over several years, which originally cost approximately £4 million in total. Jena Tec employs 178 people across its operations based in Germany, the UK, USA and China, all of whom are expected to transfer to Kuroda. Jena Tec’s principal business is the design, manufacturing and servicing of Precision Ballscrews, Spindles and Linear Motion actuation systems for automation and control of CNC machines and precision instrumentation. The final procedural steps for the disposal will be completed on Thursday, November 8th.

Steve McQuillan, Chief Executive, of Avingtrans commented:

“Whilst Avingtrans is in the enviable position of having three solid, profitable businesses, our overall size and corporate structure has meant that we have been unable to invest in each of the businesses to the degree that we would like and thereby maximise the opportunities available in each of our divisions.

“The sale of Jena Tec provides us with a more focused business and the proceeds will allow us to invest for future growth. Our Aerospace division has been thriving and our order book at the financial year end remained at record levels. The creation of Sigma Composites in February is evidence of our ability to create value by targeted investment and we will continue to explore opportunities which would improve our customer reach or product offering and thereby further strengthen our position in this attractive market.

“The Energy and Medical division had a difficult period last year, but is well placed to recover in the second half of this financial year, as the volume of activity with Siemens increases. We have continued to cement our key relationships within this division and add further customers, which will enable us to prosper in the years ahead.

“We are very proud of all that we have achieved with Jena Tec during our stewardship, including consistently improved sales and profitability. We believe it is well positioned to continue on this growth path under its new owners and we wish our friends there, the employees and Kuroda all the very best for the future. ”

www.jena-tec.co.uk


21 FEBRUARY 2012
Sigma Composites acquisition

Avingtrans (AIM: AVG), a manufacturer of critical components and associated services to the medical, energy, industrial and global aerospace sectors, announces the formation of Sigma Composites Ltd following the agreement to acquire Delta Composites Ltd., Alpha Composites Ltd. and Orion Machining Ltd, (collectively known as “Composites Engineeering Group” or “CEG”) based in Buckingham, UK.

The acquisition of these assets further strengthens the offering of Avingtrans’ Aerospace Division, as the acquired business has a strong foothold in F1/Motorsport and, with AS9100-approved facilities, also serves Aerospace, other hi-technology markets such as satellite communications and ‘prestige automotive’. Avingtrans is already supplying to a global blue-chip customer-base.

Sigma Composites will operate from the existing Buckingham facilities, with its sister company Sigma Precision Components remaining at its facilities in Hinckley, UK and Chengdu in China. Sigma’s business model provides its global customers with complete product life-cycle support, optimising method and option of location of manufacture to best meet market needs. This latest development widens Sigma’s offering and widens market access substantially.

The effect of the acquisition is expected to be broadly neutral in the current financial year and to be earnings enhancing in the year commencing June 2012.

Mark Johnson, Divisional Managing Director of Avingtrans Aerospace commented:

“Acquiring a capability in composites is something we have been seeking for some time and we are delighted that we now have a well-established business in Sigma Composites. The addition of a composite engineering capability, combined with existing high precision engineering, should create a compelling prospect for our existing and prospective customers, and is a significant step forward for us.”

www.sigmacomposites.co.uk


18 JANUARY 2012
HSBC supports Avingtrans plc international expansion strategy

Avingtrans (AIM: AVG), a manufacturer of critical components and associated services to the medical, energy, industrial and global aerospace sectors, announces the ambitious international expansion plans of its subsidiary Sigma Precision Components, after having secured funding support from HSBC’s Corporate Banking team in the Midlands.

The finance package has allowed the company to fund the growth of its site in China – a market experts predict will become a world leader in aerospace manufacturing within the next 20 years.

Stephen King, Chief Financial Officer for Avingtrans plc, commented:

“The investment in China marks the start of a further exciting period of growth for the company, allowing us to continue developing our global capability for the aerospace customers we supply. Setting up in China has been challenging, but with the support of HSBC and the team’s global expertise and contacts we are already winning new contracts and strengthening our order book, which is having a knock-on positive effect on the business here in the UK.”

Ian Stitt, Deputy Head of Corporate Banking for HSBC in the Midlands, said:

“HSBC have a long-term relationship with Avingtrans and have been involved in the strategic planning of this particular expansion from the outset. By expanding its outreach in this key market, the business is able to offer something that sets it apart from its competitors. The success of this innovative strategy is already being felt, with new contracts secured and additional recruits being taken on both here in the UK and in China to meet orders.

“The ambitious plans of Avingtrans’s management team demonstrate that a well thought-out and executed business plan can create opportunities for business growth, even in a challenging economic climate. We look forward to working with Avingtrans as they realise future growth plans.”

The Sigma business, which forms a major part of the Avingtrans aerospace division, currently employs around 110 people at its China factory site and almost 150 at its Hinckley site in the UK. Looking to the future, the company will continue expanding its international footprint into key aerospace manufacturing hubs across the globe.


15 DECEMBER 2011
£3m contract win for Aerospace division

Avingtrans (AIM: AVG), a manufacturer of critical components and associated services to the medical, energy, industrial and global aerospace sectors, is pleased to announce that Sigma Precision Components ("Sigma"), a part of Avingtrans's Aerospace Division, has won a contract worth GBP 3 million over three years, with a further possible two year extension, to deliver rigid pipe assemblies to a market leader in the supply of flight controls to customers across the aerospace and defence sectors, including Boeing.

Avingtrans' Sigma facilities in the UK and China will be involved in manufacturing the pipes, with the contract running for at least three years, with extensions likely. The division's global capability was a key factor in winning the bid process.

Steve McQuillan, Chief Executive of Avingtrans, commented: "We are delighted to have been selected as the chosen supplier by this market leader, following this competitive bid process. Avingtrans' Sigma subsidiary has been supplying this particular market leader with machined parts for many years and this new rigid pipe package strengthens our business relationship significantly. We are also happy to be tracking market expectations in what are tough market conditions for many businesses at present."

www.sigmacomponents.co.uk


1 NOVEMBER 2010
Appointment as non-executive member of the UK Atomic Energy Authority’s board

Steve McQuillan has been appointed one of three new non-executive members of the UK Atomic Energy Authority’s board for a 3 year period commencing on 1 November 2010.

Business Secretary Vince Cable said:

The work carried out by the UK Atomic Energy Authority is precisely the sort of high performing research that is vital for us to encourage economic growth.

That’s why I’m pleased that we have managed to attract such capable and experienced members to the Board to drive this work forward. Not only am I sure they will they bring their significant scientific expertise to the panel, but also their financial and commercialisation skills to bring new discoveries to market.

Pictured:
Steve McQuillan


7 SEPTEMBER 2010
Aerospace Division Contract Wins

Avingtrans (AIM:AVG), the designer, manufacturer and supplier of critical components and associated services to the energy, medical, industrial and global aerospace sectors, announces the following contract wins by its Aerospace Division with a total worth in excess of £10 million over the next 5 years.

Sigma Precision Components has signed a strategic long term agreement with Eaton Aerospace to supply machined components and pipe assemblies, worth £8 million over 5 years. This includes a recent project to absorb 180 outsourced machined component part numbers, worth £300,000 per annum, run by a dedicated Sigma project team working closely with their counterparts at Eaton Aerospace.

Sigma has also successfully supplied first article samples of titanium pipe assemblies to Eaton at Titchfield. Orders have now been placed for an initial production run worth £500,000 with the prospect of further orders in 2011. Eaton Aerospace is now the second largest customer in Avingtrans’ aerospace division.

In addition, Sigma Precision Components UK has signed a global purchasing agreement with Meggitt to supply precision machined components, being the first Meggitt supplier to do so. This secures £2 million of business with the Meggitt sites in the UK and China over the next 3 years and provides a firm platform from which to win additional contracts. Recent wins include orders for machined parts for the BR725 engine programme supplied to Meggitt Control Systems’ site in Coventry.

www.sigmacomponents.com


6 SEPTEMBER 2010
Contract win for Energy and Medical Division

Avingtrans (AIM:AVG), the designer, manufacturer and supplier of critical components and associated services to the energy, medical, industrial and global aerospace sectors, announces that its Metalcraft subsidiary (energy and medical division) has been chosen by Siemens MR Magnet Technology to manufacture precision machined formers for Siemens' next generation Magnetic Resonance Imaging systems.

As the new product is introduced, it will flow into the overall rolling supply agreement that Metalcraft has for supply of MRI subsystems to Siemens Healthcare from both facilities in the UK & China. Once the product is in full production in 2012, the annualised value of this new product to Metalcraft will be approximately £5 million per annum.

Steve McQuillan, CEO of Avingtrans plc commented “We are delighted to be entrusted by Siemens once again with the supply of critical precision vacuum vessel components for their next generation products. This demonstrates the on-going commitment of Metalcraft to maintain its position as an efficient, high quality partner to Siemens Healthcare and underlines our credentials as a world-class supplier to leading OEMs in our chosen markets.” 

www.metalcraft.co.uk


19 DECEMBER 2006
First Production from Chengdu Facility

Sigma Precision Components passed a major milestone today delivering first manufactured product from its Chengdu manufacturing facility.

Having gained investment for its facility exactly six months ago, Sigma has now equipped it’s 3,000m2 facility with an initial phase of 6 CNC machine tools and already employs some 20 personnel in it’s Chengdu-based factory.

As the company heads towards gaining AS9100 quality approvals in the first quarter of 2007, these initial deliveries of industrial parts are being used not only to generate early sales, but also to prove and develop the operating procedures and quality systems.

Mark Johnson, Sigma’ Managing Director commented “These may only be relatively low volume industrial sales, but their delivery marks a major milestone in getting our facility, machines and people ready for business. The whole team has done an incredible job achieving this milestone on time and within budget"

Sigma will now progress to manufacture initial components for their launch Aerospace customer Umeco Components with deliveries scheduled in the first quarter of 2007.



22 SEPTEMBER 2006
Completion of Acquisition of B&D Patterns Limited ("B&D")

Further to the announcement of 15 September 2006, in which the Company announced the conditional acquisition of B&D for up to £10.5m, the Board of Avingtrans plc is pleased to confirm the completion of this acquisition and set out its plans for the grouping together of its aerospace businesses to form a formidable aerospace components manufacturing and servicing division within the Avingtrans group.

B&D, based in the midlands, was founded over 45 years ago and has grown to become a market leader in rigid and flexible pipe assemblies and components for prestigious customers such as Rolls Royce, Messier Dowty and Dunlop Aerospace for use in their jet engines.

Avingtrans recently acquired 75% of Sigma Precision Components which provides a range of services to aerospace and high technology markets and is in advanced stages of constructing an aerospace component manufacturing facility in Chengdu, China.

These two business, together with the C&H Precision Finishers subsidiary, which provides high specification finishing and polishing of aeroengine blades to clients including Rolls Royce, form a significant aerospace division at Avingtrans. The Directors envisage considerable synergies, cross-selling opportunities and economies of scale arising from the linking together of these three businesses and are pleased to appoint Mark Johnson, currently MD of Sigma Precision Components, as Managing Director of Avingtrans’ Aerospace Division.

Ken Baker, Chairman of Avingtrans, commented,

"The move to expand and group together our aerospace subsidiaries to strengthen our position in global aerospace leaves Avingtrans poised to take advantage of a market that is not only seeing very high growth at this time, but has excellent long-term potential for the Group. The synergies of the three individual businesses will offer tremendous opportunities to leverage off each other and enjoy the benefits of growth as part of a group of very exciting companies."


15 SEPTEMBER 2006
Acquisition and Placing

The Board of Avingtrans plc is pleased to announce the conditional acquisition of B&D Patterns Limited ('B&D') for consideration of up to £10.5 million, of which £6.583 million is payable in cash and £417,000 will be satisfied by the issue of Avingtrans ordinary shares of 5 pence each ('Avingtrans Shares') on completion and the remainder subject to an earn-out calculated by reference to B&D's profit before tax for the years ended 31 May 2007 and 31 May 2008.

B&D is a manufacturer and supplier of critical jet engine components to the aerospace industry. It specialises in precision engineered gas and fuel carrying rigid pipe asemblies, which are required to be manufactured to the highest quality levels using computer numerically controlled machining as well as non-destructive testing and X-Ray procedures.

B&D, which owns freehold properties which have been independently valued at £3.1m, made a profit before tax of £1 million on turnover of £10.4 million in the year to 31 December 2005. As at 31 December 2005, it had net assets of £2.5million.

In connection with the acquisition, Avingtrans has conditionally placed 1,426,000 Avingtrans shares with an institutional investor at a price per share of 125 pence, raising £1.78 million (the 'Placing Shares'). Further to this, 170,000 Avingtrans shares will be subject to a Vendor Placing at the same price raising a further £212,500. Application has been made for the Placing Shares to be admitted to AIM and admission is expected on 20 September 2006. The shares to be issued will all rank pari passu with the Avingtrans' existing ordinary shares. The remainder of the consideration will be funded through debt.

Ken Baker, Chairman of Avingtrans, commented: 'I am delighted to announce this acquisition. B&D Patterns is a high quality precision engineering company with a proven track record. Its acquisition will enhance Avingtrans' existing activities servicing the aerospace industry and it will, we believe, be earnings enhancing in the current financial year. The acquisition continues Avingtrans' strategy of acquiring profitable precision engineering companies to support the Group's organic growth.'

20 JUNE 2006
Acquisition of majority stake in Sigma Precision Components Ltd

Avingtrans, a leading designer, manufacturer and supplier of critical components and services to worldwide industries, is delighted to announce the acquisition of a 75% interest in Sigma Precision Components Ltd ('Sigma') through the purchase of 300,000 new Sigma shares at a price of £1 per share. Sigma provides a range of services to aerospace and high technology markets and, with the injection of new funds into the business, is poised to accelerate the scale of its operations in China. Avingtrans will lend its expertise in the precision engineering sector as well as supporting Sigma through ongoing investment in capital equipment.
Sigma was founded in 2004 by two widely experienced aerospace professionals who saw an opportunity to create a business from the globalization into emerging markets of the $7 billion aerospace precision components market. Throughout their first year of operation Sigma provided consultancy services from its offices in the UK and China and now, with the benefit of customer commitment and investment support from Avingtrans, will establish a 30,000 sq. ft. precision component manufacturing facility in Chengdu, China.

Sigma's launch customer for the manufacturing facility, which is expected to be operational before the end of this year, is UMECO plc who have already publicly stated their confidence in Sigma's ability to meet their high requirements in terms of quality and delivery.

Ken Baker, Chairman of Avingtrans, commented,
'We are delighted to have acquired a majority interest at a time when Sigma is being transformed from a consultancy based group, employing four people, to a larger scale, Far East, manufacturing business that should become an important financial contributor to the Avingtrans group.'

15 SEPTEMBER 2004
Acquisition, Placing and Open Offer

Avingtrans is pleased to announce the acquisition of Stainless Metalcraft (Chatteris) Limited from Ferraris Group plc for a total consideration of £8.1 million.
Avingtrans also today announces a placing to raise £4 million and an open offer to be offered to qualifying shareholders in Avingtrans on the basis of one open offer share for every 10 existing shares.
Preliminary results for the year to 31 May 2004 are released today in a separate announcement.

Highlights
Metalcraft acquired for £8.1 million which includes the assumption of approximately £500,0000 of debt, and of which £0.1 million is payable on the first anniversary of completion
Metalcraft is a producer of fabricated and machined products to major suppliers of diagnostic imagery and the European Scientific Community
Metalcraft has a track record of profitability and cash generation in each of the last three years and has a strong asset backing
Acquisition to be financed through a placing, under-written by Bridgewell Securities, to raise £4 million at a price per share of 60 pence and through new debt facilities, to be provided by HSBC
Avingtrans is also announcing an open offer, on the basis of 1 open offer share for every 10 existing shares. Qualifying shareholders will also have the right to elect for additional shares if they wish

Commenting, Ken Baker, Chairman of Avingtrans, said:
"I am delighted to announce this acquisition. It represents the most significant step to date in Avingtrans’ ongoing acquisition strategy. The strategy remains to acquire profitable and asset-backed companies involved in areas related to precision engineering, which have a strong presence within a growing market sector. The Board is optimistic about the prospects of the enlarged group over the current financial year, especially in light of the acquisition of Crown and the increase in orders and enquiries in the Jena business."

JUNE 2004
Acquisition of Crown (UK) Limited (“Crown”) by Avingtrans plc (“Avingtrans”) for £1.56 million

Avingtrans announces that it has acquired 100% of Crown for a consideration of £1.56 million payable in cash. Crown, which is based in Portishead, Bristol , designs and manufactures housings and stands for roadside speed cameras and gantry and trackside poles for railway signalling.
Crown’s audited accounts for the year to December 2003 disclosed turnover of £2.80 million and pre-tax profits of £614,000. Crown had net assets of £835,000 as at 31 December 2003 . At completion, Crown had cash balances of approximately £250,000.
Avingtrans financed the acquisition of Crown from new debt facilities provided by HSBC and from internal resources.

Chairman, Ken Baker, commented:
"I am delighted that we have been able to complete this acquisition. We have high hopes for this business and expect that the two major sectors that Crown serves, roadside speed camera stands and housings and trackside stands for signalling equipment, will continue to offer exciting growth prospects."