Avingtrans PLC on Wednesday said it remains cautiously confident about its strategic direction in the face of widening expenses and production delays.

The Cambridgeshire-based business provides components and systems for the energy, medical and industrial sectors.

For the financial year that ended May 31, Avingtrans reported pretax profit of £7.0 million, up from £5.4 million.

Revenue increased by 1.9% to £100.4 million from £98.5 million a year prior, but administrative expenses increased by 12% to £23.2 million from £20.8 million.

All businesses experienced supply chain disruptions and customer order delays, caused by the pandemic and Russia’s invasion of Ukraine, Avingtrans said, but still performed as expected.

Chairman Roger McDowell said that with a strong balance sheet, Avingtrans had moved to invest in new technologies in the existing business, ‘with an eye on amplifying our impact in potentially disruptive nuclear and medical imaging markets’.

Avingtrans declared a final dividend of 2.60 pence per share, resulting in a total dividend of 4.20p for 2022, up from 4.00p last year.

Avingtrans shares were trading 1.2% lower at 425.00 pence each in London on Wednesday afternoon.

Copyright 2022 Alliance News Limited. All Rights Reserved.