Avingtrans updates on positive trading as it submits bid to acquire Oxford-based Adaptix

Avingtrans, the Cambridgeshire-based engineering tech firm has reported positive trading in its fiscal 2023 and updated investors on its possible acquisition of Oxford-based medtech company Adaptix Ltd.

Avingtrans currently owns 667, 333 Adaptix shares, which has a total share capital of 3,708, 044 shares and the former has submitted a proposal for the conditional acquisition of the remaining shares for a consideration of up to £3 million.

READ MORE: Avingtrans invests further £2m into Oxford’s Adaptix

This proposal has been accepted by the majority of Adaptix shareholders, while it has also invited various other parties to submit a competing proposal for the entire business or its assets by July 21 this year.
If no superior competing offer is received at that point, then the proposal will be accepted.

Since October 2021, Adaptix has made successful progress with its 3D X-ray technology and was recently awarded 510k clearance for its novel orthopaedic product by the US regulator (FDA) in March this year.
Avingtrans said it believes that the potential acquisition of Adaptix will give it a "market leading" position in novel imaging products, for example in veterinary and orthopaedic imaging at the point of care, notably when considered in parallel with its existing interest in novel MRI products via its Magnetica business.

Also in the statement, Avingtrans said its results for the year to May 31, 2023 were expected to be in line with market expectations and the momentum from FY23 had continued into FY24 leaving it with a record order book for this time of year.

Steve McQuillan, CEO of Avingtrans, said: "We are delighted by the performance of the group in what have been difficult market conditions, including on-going supply chain disruptions, albeit that these have eased somewhat from their nadir.

"Despite the headwinds, order intake has been robust, notably growth in Engineered Pumps and Motors (EPM) has been particularly strong.

"As a result, we are pleased that the group is entering FY24 with the best order cover since prior to the pandemic which leads the board to view the outlook for this year with confidence."

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

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