Avingtrans have released a short statement highlighting that 1H24 results (to end Nov) are in line with the Board’s expectations and that they are comfortable with achieving FY24 market expectations. Furthermore, a new division Advanced Engineering Systems (AES), has been established, combining the Engineered Pumps & Motors (EPM) and Process Solutions & Rotating Equipment (PRSE) segments. We think this is a sensible move which will facilitate execution of the Pinpoint-Invest-Exit strategy. It will also allow investors to better identify the value creation potential of the mature engineering businesses (i.e: the newly formed AES) whilst increasing the prominence of the earlier stage Medical & Industrial Imaging division. No changes to forecasts or recommendation. BUY, TP 510p.
