Elektron Technology PLC Disposal (5322A)
March 27 2017 - 2:00AM
UK Regulatory
TIDMEKT
RNS Number : 5322A
Elektron Technology PLC
27 March 2017
Elektron Technology plc
("Elektron" or the "Company")
Sale of Digitron
Elektron Technology plc, the global technology group, has
completed the sale of the business and assets (excluding trade
debtors and creditors) of Digitron to The British Rototherm Company
Limited for a total gross consideration of GBP0.3million cash
payable on completion. Digitron is a manufacturer of instruments
for pressure and temperature measurement.
In the year ended 31 January 2017 the business of Digitron
traded as a brand within Elektron Technology UK Limited with sales
of GBP1.4 million and 'Brand Contribution' of GBP60,000. Brand
Contribution is an internal measure of profitability before the
allocation of certain Group pooled costs such as finance,
information technology and human resources. After making a
deduction for a fair share of these costs the Board estimates the
Digitron contribution to be immaterial for the year ended 31
January 2017. The total gross consideration represents the
approximate net value of the Digitron assets being transferred.
The cash proceeds will be used by Elektron for working capital
purposes.
As previously announced, the sale is part of the Group's
rationalisation of its portfolio, focusing its investment on the
core segments of Bulgin, IMC (Instrumentation, Monitoring and
Control) portfolio and Checkit. Elektron is continuing to transform
its business, building a technology led company through its
strategy of innovation, streamlining operations and investing in
infrastructure, people and capabilities.
Elektron Technology www.elektron-technology.com
01223 371000
John Wilson - Chief Executive Officer
Andy Weatherstone - Chief Financial Officer
finnCap (Nominated Adviser and Broker)
+44 (0)20 7220 0500
Ed Frisby/Scott Mathieson (Corporate Finance)
Malar Velaigam (Corporate Broking)
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Notes to Editors
Elektron conceives, designs and markets innovative engineered
products and services for businesses that connect, monitor and
control
We have a multi skilled team of engineers, software and product
line specialists based in Cambridge focused on the opportunities
created by global trends in the following areas:
- Demand for ubiquitous power and data: Bulgin
- New waves of "aware" business applications: Checkit
- The effect of ageing on sight: Elektron Eye Technology
- Quality testing and inspection instruments: Sheen
- Growth in high precision manufacture: Queensgate
This information is provided by RNS
The company news service from the London Stock Exchange
END
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