**Summary of Avingtrans PLC Interim Results for the Six Months Ended 30 November 2025**
**Financial Highlights**
**Revenue** Flat at ยฃ78.1 million (H1 2025: ยฃ79.0 million), in line with management expectations.
**Gross Margin** Increased to 31.7% (H1 2025: 30.0%) due to improved aftermarket (AM) mix in the AES division.
**Adjusted EBITDA** Grew by 10.4% to ยฃ9.6 million (H1 2025: ยฃ8.7 million), driven by reduced losses in the Medical and Industrial Imaging (MII) division.
**Adjusted Profit Before Tax** Rose by 27.1% to ยฃ5.7 million (H1 2025: ยฃ4.5 million).
**Adjusted Diluted Earnings Per Share** Increased to 14.6p (H1 2025: 12.0p).
**Cash Flow** Stronger operating cash inflow of ยฃ7.6 million (H1 2025: ยฃ4.9 million).
**Net Debt** Unchanged at ยฃ12.3 million, despite ongoing investments in Medical Imaging and new nuclear technology.
**Interim Dividend** Increased to 2.0 pence per share (H1 2025: 1.9 pence).
**Operational Highlights**
**Advanced Engineering Systems (AES) Division:**
Revenue slightly lower at ยฃ75.2 million (H1 2025: ยฃ76.8 million), with a focus on H2 weighting.
Strong performance by Hayward Tyler, driven by global growth in data centers and electrification of transport, particularly new nuclear power.
Hayward Tyler secured $16.0 million in new nuclear contracts with KHNP of South Korea.
Ormandy benefited from growth in AI and data center infrastructure.
Booth won ยฃ8.5 million in contracts with HS2 and TfL.
Recovery at Slack and Parr continuesthough impacted by US tariffs.
**Medical and Industrial Imaging (MII) Division:**
Revenue increased by 33.0% to ยฃ2.9 million (H1 2025: ยฃ2.2 million) as product rollout gains momentum.
LBITDA loss reduced to ยฃ0.8 million (H1 2025: ยฃ1.7 million loss).
Adaptix received 510(k) approval from the US FDA, enabling orthopaedic system sales.
Magnetica expects to submit 510(k) approval in H2 2026.
SciMag saw increased orders for quantum computing-related systems.
**Current Trading & Outlook**
AES order book secured to achieve 95%+ of FY26 market expectations, providing strong visibility.
Increased global energy demand, driven by AI and data centers, is creating opportunities for AES businesses.
MII is entering a key phase with Adaptix sales ramping up and Magnetica regulatory approval expected in H2 2026.
The Board is confident about achieving market expectations for FY26.
**Chairmanโs Statement**
Strong H1 performance from AES primes the Group for full-year expectations.
MII sales are building momentum, particularly with Adaptixโs 510(k) approval enabling US sales.
Continued investment in AES and MII, with a focus on maximizing shareholder value through the PIE (Pinpoint-Invest-Exit) strategy.
Prudent debt management and strategic M&A opportunities remain key priorities.
**Strategic Focus**
AES division focuses on nuclearthermaland hydrocarbon marketswith a strong aftermarket emphasis.
MII division targets compact MRI and 3D X-ray solutions for niche markets.
Ongoing commitment to sustainabilityinnovationand operational efficiency.
**Conclusion**
Avingtrans PLC delivered a robust H1 performance, with strategic investments and operational improvements positioning the Group for continued growth. The Board remains confident in achieving FY26 targets and long-term value creation.
Hereโs an HTML table comparing the financials and debt year on year for Avingtrans PLC based on the provided text:
### Explanation:
1. **Revenue**: Slightly decreased by 1.16% from ยฃ79.0m in H1 2024 to ยฃ78.1m in H1 2025.
2. **Gross Profit**: Increased by 4.44% from ยฃ23.7m to ยฃ24.8m.
3. **Adjusted EBITDA**: Increased by 10.34% from ยฃ8.7m to ยฃ9.6m.
4. **Adjusted Profit Before Tax**: Increased by 26.67% from ยฃ4.5m to ยฃ5.7m.
5. **Cash Inflow from Operating Activities**: Increased by 55.10% from ยฃ4.9m to ยฃ7.6m.
6. **Net Debt (excl. IFRS16)**: Remained unchanged at ยฃ12.3m.
7. **Interim Dividend**: Increased by 5.26% from 1.9 pence to 2.0 pence per share. This table provides a clear year-on-year comparison of key financial metrics and debt for Avingtrans PLC.