AVG has today announced contract wins for Booth, and Energy Steel and Hayward Tyler, Inc. The former is with a UK government organisation, and will see the group supply specialist doors for a total contract value of £6m. The latter is a pair of multi-million dollar contracts that supports the ITER project in France, and details the supply of integral components for the for ITER’s magnetic fusion reactor, which will be the world’s largest. The contract wins build on the robust performance in H1, showcasing the growing momentum in the business. Looking ahead, we believe the group is on track to deliver on undemanding full year expectations. At the current valuation levels, there is still value left to be captured. We remain at Buy – 510p PT.
