Avingtrans (AVG) H2 2026 earnings summary

Executive summary

• Delivered on full year expectations with improving results, especially at Hayward Tyler, and solid progress across other divisions.

• Order book continues to build, with strong prospects in nuclear, infrastructure, and medical sectors.

• Notable contract wins in the UK, USA, and South Korea, including $16m with KHNP and £9.8m in HS2 contracts.

• Medical division achieved FDA and CE approvals for Adaptix, with investments in Adaptix and Magnetica expected to drive future growth.

• Strong balance sheet, net debt of £11.8m (excluding IFRS 16), and a total FY26 dividend of 5.1p.

Financial highlights

• Group revenue rose to £163.3m, up from £156.4m year-over-year.

• Gross profit margin improved to 32.8% from 31.7% year-over-year.

• Adjusted EBITDA increased to £20.7m (FY25: £16.7m).

• Adjusted diluted EPS grew to 31.3p from 23.7p year-over-year.

• Net debt (excl. IFRS 16) reduced to £11.8m from £12.3m.

Outlook and guidance

• Strong order cover and pipeline, especially in nuclear and infrastructure.

• Medical division expects gradual revenue build as certification progresses.

• Board remains confident in future prospects and vigilant to risks and opportunities.

• Recent £20m placing (post year-end) was 3x oversubscribed, supporting future growth.