Elektron Technology PLC Disposal (4992M)

TIDMEKT

RNS Number : 4992M

Elektron Technology PLC

31 July 2017

Elektron Technology plc

("Elektron" or the "Company")

Sale of Titman Tip Tools Limited

Elektron Technology plc, the global technology group, has completed the sale of the shares of Titman Tip Tools Limited ("TTT") to a company owned by current and former managers for a total gross consideration of GBP0.5 million cash payable on completion. TTT is a manufacturer of router cutters and as disclosed in the Annual report was a non-core business and subject to potential sale discussions.

In the year ended 31 January 2017 the business of TTT (including its wholly owned subsidiary Titman Tip Tools Gmbh) had sales of GBP2.0 million and 'Brand Contribution' of GBP176,000. 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 TTT operating profit to be around GBP100,000 for the year ended 31 January 2017. The total gross consideration represents the approximate net value of the TTT business.

The cash proceeds will be used by Elektron for working capital purposes.

Enquiries:

 
 
   Elektron Technology plc               +44 (0) 1223 
   www.elektron-technology.com                371 000 
 Andy Weatherstone - Chief Financial 
  Officer & Company Secretary 
 
                                            +44 (0)20 
 finnCap (Nominated Adviser & Broker)       7220 0500 
 Ed Frisby / Scott Mathieson - 
  Corporate Finance 
 Abigail Wayne - Corporate Broking 
 

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

- Growth in high precision manufacture: Queensgate

- Quality testing and inspection instruments: Sheen

This information is provided by RNS

The company news service from the London Stock Exchange

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July 31, 2017 02:00 ET (06:00 GMT)