Pressure Technologies PLC Sale of Hydratron Limited (6835Q)
08 June 2018 - 1:45AM
UK Regulatory
TIDMPRES
RNS Number : 6835Q
Pressure Technologies PLC
07 June 2018
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THE
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
7 June 2018
Pressure Technologies plc
("Pressure Technologies" or the "Group")
Sale of Hydratron Limited
Pressure Technologies plc (AIM: PRES), the specialist
engineering group is pleased to announce that it has today agreed
the sale of Hydratron Limited ("Hydratron") (the "Disposal"), which
comprises the Group's Engineered Products Division, to Pryme Group
Limited for an initial cash consideration of GBP1.1 million (less
costs and retentions). Additional consideration of up to GBP2.25
million may become payable in cash contingent on Hydratron's
trading performance for the twelve month period to 31 May 2019.
The prolonged downturn in the oil and gas market impacted
Hydratron more so than the Group's Precision Machined Components
Division. Whilst successful steps have been taken to re-align the
business with its core markets and establish the foundations for
future growth as the oil market improves, the Board has
nevertheless concluded that Hydratron will be better served as part
of a group that can immediately enhance its critical mass and
market position. For the financial year ended 30 September 2017,
Hydratron reported a loss before tax of GBP0.47 million on revenues
of GBP3.85 million and had net assets of GBP2.53 million.
The proceeds of the Disposal will be used to reduce the Group's
debt.
For further information, please contact:
Pressure Technologies plc Tel: 0114 257 3622
John Hayward, Chief Executive www.pressuretechnologies.com
Officer
Joanna Allen, Chief Financial
Officer
Keeley Clarke, Investor Relations
Cantor Fitzgerald Europe (Nominated Tel: 020 7894 8337
Adviser and Broker)
Philip Davies / Will Goode
Tavistock
Simon Hudson Tel: 020 7920 3150
COMPANY DESCRIPTION
Company description - www.pressuretechnologies.com
With its head office in Sheffield, Pressure Technologies was
founded on its leading market position as a designer and
manufacturer of high-pressure components and systems serving the
global energy, defence and industrial gases markets. Today it
continues to serve those markets from a broader engineering base
with specialist precision engineering businesses and has a
worldwide presence in Alternative Energy as a global leader in
biogas upgrading.
Pressure Technologies has three divisions, Precision Machined
Components, Cylinders and Alternative Energy, serving four main
markets: oil and gas, defence, industrial gases and alternative
energy.
Precision Machined Components - www.pt-pmc.com
-- Al-Met, Mid Glamorgan, acquired in 2010 www.almet.co.uk
-- Roota Engineering, Rotherham, acquired in March 2014 www.roota.co.uk
-- Quadscot, Glasgow, acquired in October 2014 www.quadscot.co.uk
-- Martract Limited, Barton-on-Humber, acquired in December 2016 www.martract.co.uk
Cylinders
-- Chesterfield Special Cylinders, Sheffield, IPO cornerstone in
2007 and includes, CSC Deutschland Gmbh, which is based in Dorsten,
Germany and Chesterfield Special Cylinders Inc. which is based in
Houston, USA www.chesterfieldcylinders.com
Alternative Energy
-- Greenlane Biogas, Vancouver, Canada and Sheffield, UK;
acquired in October 2014 www.greenlanebiogas.com
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END
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