South Korea has big ambitions for nuclear power, which already accounts for over 30% of the nation’s electricity. Here Korea Hydro & Nuclear Power (KHNP) dominates the sector with substantial operations spanning 24 sites, advanced SMRs and overseas fuel partnerships.
Not surprisingly it uses high quality suppliers, and has turned once again to Avingtrans’ subsidiary Hayward Tyler (HT) to provide safety & mission critical nuclear pumps and spare parts – worth $16m in total. These items will be manufactured at HT’s facility in Vermont (US) and delivered over the next 2 years. With most of the associated revenues falling in the May FY27 period, albeit with a portion helping to underpin FY26 forecasts.
Duncan M., MD of Hayward Tyler commenting: "These two contracts are significant for our business and illustrate the strong momentum we are enjoying in the South Korean market, which is a growing opportunity."
Austen Adams, MD of Avingtrans’ engineering division adding: "Both the new political environment in South Korea and renewed global sentiment towards nuclear power are strategically important to our group, as demand for critical nuclear safety systems and related spare parts and services grows worldwide."
In terms of the numbers, Singer Capital Markets have a 580p/share target price (nb based solely on AVG’s Engineering division), and are forecasting FY’26 turnover, EBITDA & adjusted EPS of £183.2m (+13.7%), £20.0m (+20%) & 25.9p (+35%) respectively. Additionally Singers calculate that the medical devices division is worth between £85m-£140m, or another 251p-422p/share.
The group’s May FY25 results are scheduled for Wednesday 24th September 2025.
Disclosure: Avingtrans is a Vox Markets client