REG - Elektron Technology - Disposal <Origin Href="QuoteRef">EKT.L</Origin>

CheckitAnnouncement

31/07/2017 07:06

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 0.5 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 2.0 million and 'Brand Contribution' of 176,000. 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 100,000 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 
www.elektron-technology.com
+44 (0)1223 371 000
Andy Weatherstone - Chief Financial Officer & Company Secretary
finnCap (Nominated Adviser & Broker)
+44 (0)20 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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