NEWS RELEASE

Issued on behalf of Flowtech Fluidpower plc

Friday, 24 March 2023

Immediate Release

FLOWTECH FLUIDPOWER PLC

("Flowtech", the "Group" or "the Company")

Specialist full-service supplier of technical fluid power products and services

2022 FULL YEAR RESULTS

REVISED RELEASE DATE

Flowtech announces a revised date for the publication of its preliminary financial results for the year ended 31 December 2022. 

Grant Thornton, the Company's auditors, have requested additional time to complete their standard audit processes, and accordingly, the Company expects to release its full year results no later than 14 April 2023.

The Board confirms that the underlying profit for the year ended 31 December 2022 remains in line with market expectations.

The presentation of results via the Investor Meet Company platform will be rescheduled and all attendees will be advised of the revised date and time in due course.

ENQUIRIES:

Flowtech Fluidpower plc

Roger McDowell, Chair

Bryce Brooks, Chief Executive

Russell Cash, Chief Financial Officer

Tel: +44 (0) 1695 52759

Email: [email protected]

Liberum (Nominated adviser and Sole Broker)

Richard Lindley / Ben Cryer / Will King

Tel: +44 (0) 20 3100 2000

TooleyStreet Communications (IR and media relations)

Fiona Tooley

Tel: +44 (0) 7785 703523

or email: [email protected]

ABOUT FLOWTECH FLUIDPOWER PLC

Founded as Flowtech in 1983, the Flowtech Fluidpower Group is a group of specialist fluid power businesses.  Working in partnership with customers and suppliers, we deliver essential components, customer solutions and high-quality servicing support to keep global industry moving.  The business joined the AIM market in 2014. 

To read more about the Group please visit www.flowtechfluidpower.com.

Segment:

What we do:

Locations:

Flowtech

Our focus

Supply of both hydraulic and pneumatic consumables, predominantly through distribution for maintenance and repair operations across all industry markets but supported by supply agreements direct to a broad range of original equipment manufacturers (OEMs)

Channels to market:

E-commerce websites, customer white label e-commerce websites, 70,000+catalogues, own and customer trade counters

Flowtech

(Skelmersdale, Leicester, Birmingham)

(Deventer)

Fluidpower

Group Solutions

Our focus

Supply specialist technical hydraulic components & systems, predominantly into OEMs and end-user channels to all industry markets, supported by supply agreements with a broad range of manufacturer brands

Channels to market:

Engineering collaboration through sales offices providing national and local coverage. In 2022 enhanced by new e-commerce capabilities

Primary Fluid Power Components (Skelmersdale)

Nelson Hi-Power

(Dublin, Cork, Dungannon)

HTL

(Ludlow)

Hydroflex

(Brussels, Rotterdam and OudBeijerland)

Derek Lane & Co

(Newton Abbot)

HES Tractec

(Gloucester)

Fluidpower

Group Services

Our focus

Bespoke design, manufacturing, commissioning, installation, and servicing of systems to manufacturers of specialised industrial and mobile hydraulic OEMs, and additionally a wide range of industrial end users.  Capital project-based revenue.

Channels to market:

In-house design and build, combined with on-site installation, servicing and support

Primary Fluid Power Systems

(Knowsley)

Branch Hydraulic Systems

(Gloucester)

HES Onsite

(Leeds, Gloucester)

Orange County

(Spennymoor)

Hi Power Transport

(Dublin, Cork, Belfast)

All the Group's divisions have overlapping product sets, allowing procurement synergies to be maximised.  The above segments are supported by a centralised back-office teams based at Skelmersdale and Wilmslow sites in the UK. In total, the business employs 572 people.

For more information please visit, Our business | Flowtech Fluidpower plc