LONDON, UK: Avingtrans plc (AIM: AVG), the engineering technology group, has announced a trading update for the financial year ended 31 May 2023, showing results in line with market expectations and a record order book. The group has also secured several contract wins in the nuclear sector, worth over £8 million in total.
The group has also proposed to acquire the remaining shares of Adaptix Ltd, an emerging MedTech business based in Oxford, for up to £3 million. The proposal has been conditionally accepted by the majority of Adaptix shareholders, but is subject to a competitive bidding process and the approval of the Avingtrans board.
Adaptix is developing a novel 3D X-ray technology, which has recently received clearance from the US FDA for its orthopaedic product. Avingtrans already owns a minority stake in Adaptix, and believes that the acquisition would enhance its position in the imaging market, alongside its existing interest in Magnetica, a developer of MRI products.
Steve McQuillan, CEO of Avingtrans, said: “We are pleased with our performance in FY23, which demonstrates our resilience and agility in challenging market conditions. We have continued to grow our order book and secure new contracts in our core sectors of nuclear and medical. We are also excited by the opportunity to acquire Adaptix, which we believe has a disruptive technology that can create significant value for our shareholders and customers.”