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Flowtech Fluidpower annual sales rise 42%

Tuesday, 16th April 2019
Flowtech Fluidpower revealed revenue growth of 42% in the year ending 31 December compared to the previous year, including organic growth in each division and 5.7% growth overall.

HIGHLIGHTS:

- 0.9% increase in overall gross margin

- Underlying operating profit growth of 25% on previous year

- Underlying profit before tax for 2018 in line with market expectations

- Successful acquisition and integration of Balu and its subsidiaries; Beaumanor Engineering and Derek Lane & Co

- Significant progress with establishing components and services divisional structure under single chief operating Officer role

- New board appointments of Russell Cash as CFO and Bill Wilson as independent non-executive director and appointment of Bryce Brooks to CEO

- Executive management team enhanced and focused on cost and working capital management


Story provided by StockMarketWire.com


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