Record year for Peterborough and Chatteris engineering giant
The owner of two Peterborough engineering giants is celebrating a record year.
Booses of Avingtrans, based in Chatteris, say the last financial year has been its best ever for orders, revenue and profits.
Revenue for the owner of Peter Brotherhood, in Peterborough, and Stainless Metalcraft, in Chatteris, soared beyond the £100 million milestone reaching £105.5 million - up from £78.9 million in the previous year.
The company’s full year results for the 12 months to the end of May, show operating profit before exceptional items coming in at £5.8 million compared to the previous year’s £2.7 million.
Net debt fell from £7.1 million to £2.7 million and the company expects to pay shareholders a final dividend of 2.4p per share - compared to a 2.3p per share in 2018.
Roger McDowell, chairman of Avingtrans, which designs, manufactures and supplies equipment, systems and aftermarket services to the energy, medical and industrial markets worldwide, said: “It has been a record year in terms of orders, revenue and profit.
“Brexit and tariff wars are unwelcome distractions but they will not cause us to deviate from our well-planned course.
“Despite the chill in the macroeconomic air, we remain quietly confident about our prospects. Recent order wins and our pipeline of opportunities underpin that outlook.
“We will continue to refine our business by pinpointing specific additional acquisitions as the opportunities arise, to build businesses which can create superior shareholder value.”