Avingtrans PLC Contract Wins (6846P)

TIDMAVG

RNS Number : 6846P

Avingtrans PLC

11 October 2023

Avingtrans Plc

("Avingtrans" or the "Group")

Metalcraft Contract Wins

Avingtrans plc (AIM: AVG), which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, is pleased to announce that Stainless Metalcraft (Metalcraft), part of the Group's Energy and Medical division, has secured two national contracts that aim to make safe nuclear waste for long-term storage of the UK's legacy of nuclear assets. Together, the contracts (one of which is a new contract and the other an extension to an existing contract) are valued at GBP14.5m and the additions boost Metalcraft's forward order book to more than GBP75m over the next six years .

Metalcraft has been awarded the release of the next production phase of a contract to produce stainless steel waste containers that will be used to store intermediate level legacy waste. Additionally, Metalcraft has secured a contract from a new client to prepare concrete waste containers to support decommissioning of the now-retired fleet of UK nuclear power plants.

Nuclear decommissioning is a demanding but developing market that Metalcraft has specifically targeted in recent years. It has invested GBP7.5 million in new plant and equipment at its production facility to support the contracts, including modern CNC machine tools and robotic welding machines. Anticipating future demand, Metalcraft has also invested GBP3.4m in a new training facility to manage the supply of skilled personnel to meet anticipated demands of nuclear decommissioning. It is now ready to increase serial production of nuclear containers that meet rigorous specification criteria and proves the company's ability to deliver highly specialised contracts.

Austen Adams, divisional managing director of Avingtrans PLC, commented:

"We are proud to be a part of this national mission of utmost importance. Winning these additional contracts is a testament to our production capability in Cambridgeshire and the incredible potential of our team members, who are highly skilled and ready to tackle these new challenges in the future decommissioning market.

"This challenge highlights the finest aspects of UK manufacturing while the benefit of a large forward order book enables us to invest in the people essential to the success of the challenge. We are looking forward to fulfilling these contracts and more to follow . "

ENDS

Enquiries:

 
 Avingtrans plc 
  Roger McDowell, Chairman 
  Steve McQuillan, Chief Executive Officer 
  Stephen King, Chief Financial Officer       01354 692 391 
 Singer Capital Markets (Nominated Adviser 
  and Broker) 
  Shaun Dobson 
  Alex Bond 
  Oliver Platts                               020 7496 3000 
 IFC Advisory (Financial PR) 
  Graham Herring 
  Tim Metcalfe 
  Zach Cohen                                  020 3934 6630

About Avingtrans plc:

Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.

Business units

 
Hayward Tyler - Luton, East Kilbride & Nottingham, UK, USA, 
 China and India 
 Specialises in the design, manufacture and servicing of performance-critical 
 motors and pumps for challenging environments. 
 Energy Steel, Inc - Rochester Hills, Michigan, USA 
 Provider of custom fabrications for the nuclear industry, specialising 
 in: OEM parts obsolescence; custom fabrications; engineering 
 design solutions; product refurbishment; on-site technical support. 
 Stainless Metalcraft Ltd - Chatteris, UK 
 Provider of safety-critical equipment for the energy, medical, 
 science and research communities, worldwide, specialising in 
 precision pressure and vacuum vessels and associated fabrications, 
 sub-assemblies and systems. 
 Booth Industries - Bolton, UK 
 Designs, manufactures, installs and services doors and walls 
 which can be tailored to be: blast and explosion proof; fireproof; 
 acoustically shielded; high security/safety; or combinations 
 of the above. 
 Ormandy Group - Bradford, UK 
 Design, manufacturers and servicing of off-site plant, heat exchangers 
 and other HVAC (heating, ventilation and air conditioning) products. 
 Composite Products Ltd - Buckingham, UK 
 Centre for composite technology, parts and assemblies, serving 
 customers in industrial markets. 
 Adaptix Ltd - Oxford, UK 
 Adaptix has developed novel 3D X-ray for Orthopaedic and Veterinary 
 applications amongst others. Commercialisation of this system 
 (and others) is on-going. 
 
 Magnetica Ltd - Brisbane, Australia 
 Magnetica Limited specialises in the development of next generation 
 MRI technologies, including dedicated extremity MRI systems and 
 MRI system components. Magnetica has successfully built and tested 
 a compact, integrated 3 Tesla orthopaedic MRI system, demonstrating 
 clinical-quality imaging. Commercialisation of this system (and 
 others) is on-going. Magnetica's structure now includes two other 
 business units: 
 Scientific Magnetics - Abingdon, UK 
 Designs and manufactures superconducting magnet systems and associated 
 cryogenics for a variety of markets including MRI and provides 
 services for Nuclear Magnetic Resonance instruments. 
 Tecmag Inc - Houston, USA 
 Designs, manufactures and installs instrumentation, including 
 consoles, system upgrades, and probes, mainly for Magnetic Resonance 
 Imaging (MRI) and Nuclear Magnetic Resonance (NMR) systems.

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October 11, 2023 02:00 ET (06:00 GMT)

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