Flowtech Fluidpower records further organic growth, reduces net debt
By Iain Gilbert
Date: Friday 12 Jul 2019
(Sharecast News) - Technical fluid power products supplier Flowtech Fluidpower achieved further organic growth and reduced net debt during the first half of its trading year.
Flowtech Fluidpower reported organic growth of 2.9% on Friday and also revealed it had cut net debt by 5.53% to £18.8m for the six months ended 30 June.
The AIM-listed group also expects to achieve "another year of solid progress" despite less buoyant market conditions, with trading currently in line with market expectations.
Group revenue meanwhile increased 5.7% to £59.6m.
Flowtech said its directors remained confident about the future for the group and highlighted that its "continuing focus" on working capital management "should lead to further debt reduction by the end of 2019".
As of 0900 BST, Flowtech shares had picked p 2.38% to 129p.
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