Avingtrans Plc (AVG.L), a provider of engineered products and services, on Wednesday reported a decline in preliminary earnings for the full year, amidst higher costs and expenses. However, the company recorded an increase in revenue.
For the 12-month period to May 31, the company posted a pre-tax income of 4.825 million pounds, lower than 7.476 million pounds recorded last year.
Adjusted profit before tax from continuing operations was 7.3 million pounds, a drop from prior year's 9 million pounds. Excluding acquisitions, the company posted an adjusted pre-tax income of 12 million pounds.
Net profit stood at 3.662 million pounds or 10.9 pence per share, compared with last year's 5.194 million pounds or 15.3 pence per share.
Excluding items, earnings per share from continuing operations were 18.5 pence, down from 23.4 pence per share a year ago.
Operating profit slipped to 5.636 million pounds from 7.976 million pounds in 2023, predominately due to 3.7 million pounds EBIT loss at Adaptix and higher exceptional costs for acquisition and restructuring.
Operating profit before amortization of acquired intangibles, other non-underlying items and exceptional items was 8.167 million pounds as against prior year's 9.452 million pounds.
Cost of sales rose to 92.573 million pounds from last year's 78.137 million pounds.
Administrative expenses climbed to 34.743 million pounds from previous year's 25.866 million pounds.
Acquisition costs stood at 0.347 million pounds, compared with last year's 0.014 million pounds.
Restructuring costs surged to 1.041 million pounds from 0.232 million pounds a year ago.
Finance costs also jumped to 1.175 million pounds from 0.609 million pounds in 2023.
Revenue was 136.6 million pounds, better than last year's 116.4 million pounds, with organic growth of 9 percent in the AES division. Revenue also included 10.3 million pounds from Slack & Parr and Adaptix, both acquired in the period.
The Group will pay final dividend of 2.9 pence per share, making a total annual dividend of 4.7 pence per share, higher than last year's 4.5 pence per share. The final dividend will be paid on 20 December 20, to shareholders on the register as of November 8.
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