The full-year results were broadly in-line with our expectations, affected by customer destocking in Aerospace and the contraction of demand in Energy, related to the oil sector. These were beyond the control of management, which reacted with a restructuring programme in November 2014 that will restore margins. With no change to our PBT forecast, the shares remain good value. We retain our 135p price target and BUY rating.
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Full-year results
Avingtrans plc (AVG:LON) | 390 0 0.0% | Mkt Cap: 129.1m
- Published:
30 Sep 2015 -
Author:
David Buxton - Pages:
The full-year results were broadly in-line with our expectations, affected by customer destocking in Aerospace and the contraction of demand in Energy, related to the oil sector. These were beyond the control of management, which reacted with a restructuring programme in November 2014 that will restore margins. With no change to our PBT forecast, the shares remain good value. We retain our 135p price target and BUY rating.