Manufacturing doors is usually a straightforward process. However, if they need to be both blast/fire proof and able to withstand wind speeds of up to 2.5x Cat 1 hurricanes for >30 years, then we're talking about some pretty advanced, cutting-edge technology.
Indeed, one of the few companies capable of designing, installing and servicing such high performance and durable doors under these extreme conditions is Booth Industries International (Booth) - which was acquired by specialist engineer Avingtrans (AVG) in June'19 for £1.8m.
Today, Booth said that it had won a new £4.5m order to provide pressure-rated fire doors for high speed train group HS2 - following the £36m contract secured in Sept'20 to supply cross-passage doors for the London-to-West Midlands segment of the route. Mass production of the cross-passage sliding doorsets will begin this year in its 600m², state-of-the-art factory in Bolton.
Austen Adams, MD of the AES division, commenting: "The new contract is fantastic news for Booth and represents a significant step forward for the business. Both sets of safety doors will play a crucial role in the operation of the railway, sealing off passageways between tunnels and providing access in case of emergency. With trains capable of travelling at speeds of up to 250mph passing within metres of the doors, they not only need to provide reliable fire integrity and insulation but also to withstand a wide range of challenging day-to-day environmental and fatigue pressures."
In terms of the numbers, house broker Singer Capital Markets has a 525p/share target price (nb based solely on AES), and is forecasting FY'25 turnover, EBITDA and adjusted EPS of £161m, £15m and 14.3p respectively - underpinned by a robust pipeline and 90%+ revenue cover. On top, Singers believes the medical devices division is worth between £85m-£140m or another 251p-422p/share.
Nov H1'25 results are scheduled for 26th Feb'25.
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