Avingtrans, which designs components for the aerospace, energy and medical sectors, saw profits rise in the last half of 2012 as the company made strategic acquisitions and shaved weak assets.

Profit after tax climbed to £6.5m for the six months to the end of November, compared to £0.7m in the first half.

However, the company said the figures were distorted by the sale of Jena Tec, a manufacturer and repairer of ballscrews, machine tool spindles and linear motion components.

Jena Tec was sold to Kuroda of Japan in November for a cash consideration of £12.4m.

The transaction reduced the company's net debt of £8.4m in May to £0.3m at the end of the second half. It also allowed the company to focus on its business in the aerospace, energy and medical sectors.

During the period the group acquired Aerotech Tubes, which manufactures pipework systems for aerospace, for £1.9m, net of cash. It contributed £56,000 to group revenues and £4,000 to profit after tax.

Overall revenue from continuing operations increased 19% to £16.9m as the order book remained at record levels boosted by aerospace business which saw revenues climb 25%.

Earnings before interest, tax, depreciation and amortisation grew slightly, from £1.0m in the first half to £1.1m.

Chairman, Roger McDowell, said: "Whilst the word transformation is overused in business terms it undoubtedly summarises the events at Avingtrans over the last few months.

"[...] As a result we have a market leading position in the aerospace pipes niche and have recently secured three key long term agreements with major clients worth £125m of revenue over the next 10 years.

"With this strength of visibility we have once again concluded that we can commit to the payment of an enhanced dividend with the final results this year, rewarding our loyal investors for their continued support."

The firm will reinstate an interim dividend of 0.7p per share compared to zero return in the previous period.


Underlying profit before tax decreased by 8.0% to £146.5m in the full year to December 31st at asset management house Henderson Group.

The company reported that this was primarily due to lower performance and transaction fees, partially offset by a decline in variable staff compensation and continued cost control.

As a result, the company said that the operating margin saw a slight decline from 36.3% to 36.0% and the compensation ratio reduced from 41.6% to 41.1%.

Underlying profit post tax was stable, but an increase in the average number of shares in issue resulted in lower diluted earnings per share of 11.7p from 12.4p.

The company reported that the "decline in diluted earnings per share from 12.4p in fiscal year 2011 to 11.7p in fiscal year 2012 was due to lower underlying profit and a higher average share count, partly offset by a lower effective tax rate".

Profit before tax rose to £96.2m from £13.0m one year earlier.

Andrew Formica, Chief Executive Officer of Henderson Group, said: "Political and economic uncertainty and the resultant market volatility during 2012 created a challenging sales environment for Henderson. Nonetheless, we remained focused on delivering excellent returns and service to our clients and I am pleased with the continued delivery of strong investment performance.

"We have maintained our rigorous cost discipline and as a result, the financial strength of the business has continued to improve, clearly visible in our balance sheet as we start 2013 in a net cash position.

"By simplifying and streamlining some parts of our business we were also able to make a number of investments which will result in Henderson being a more global business with stronger investment and distribution capabilities. Given all we achieved in 2012, and how we have positioned the business for the year ahead, I am confident about our outlook."

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