Flowtech Fluidpower plc reported unaudited financial results for the year ended December 31, 2017. For the year, the company reported total group revenue of £77.9 million against £53.8 million a year ago. Net debt was £14.7 million as of December 31, 2017 against £13.1 million as of December 31, 2016. Net debt is marginally above market expectations. The key drivers behind this variance are an increase in stock balances, driven by the desire to maintain service levels to their customers, in the context of a substantial lengthening in industry wide lead times during the second half of 2017, and a continued investment in operational and IT resources to support their developments plans for 2018 and beyond. This includes the refurbishment of the Shared Logistics Centre.

The company expects underlying profit before tax for the year ended December 31, 2017 will be in the range £8.6 million to £8.8 million, which is in line with market expectations.