RCS - Eneraqua Technolgs. - Acquisition of Mathewson Holdings Ltd

Eneraqua TechnologiesAnnouncement

02/08/2022 07:15

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RNS Number : 5267U  Eneraqua Technologies PLC  02 August 2022

2 August 2022

Eneraqua Technologies plc

("Eneraqua Technologies", the "Company" or the "Group")

 

Acquisition of Mathewson Holdings Ltd

Further strengthening ground source and air source heating offering

 

Eneraqua Technologies plc, a specialist provider of energy and water
efficiency solutions, is pleased to announce the acquisition of Mathewson
Holdings Ltd ("Mathewson" or the "Acquisition"), an established provider of
underfloor heating solutions for the health and commercial sectors, for an
initial consideration of £1.4m* with further consideration of £0.35m payable
over two years.

 

For the year ended 31 August 2021 Mathewson delivered Profit Before Tax of
£0.3m and after allowing for integration costs the Company expects the
Acquisition to be earnings enhancing in FYJan24.

 

The Acquisition extends the Group's low-carbon offering into the healthcare
sector and strengthens its offering in other commercial sectors where
Mathewson provides underfloor heating solutions. The acquisition enables
synergies with Eneraqua's existing expertise in ground source and air source
heating systems.

 

Mathewson was founded in Durham in 1998 and is a national designer and
installer of underfloor heating. This sector is fast growing and has
applications in the many areas in which Eneraqua operates, with increased
growth opportunities.

 

Commenting on the Acquisition, Eneraqua Technologies CEO, Mitesh Dhanak,
said:"We are delighted to complete the acquisition of Mathewson, which extends
our reach into the healthcare sector and deepens our offering in the
commercial sector. We look forward to working with the founding management
team to take forward these opportunities in the coming months."

 

*Initial consideration payable is capped at £1.4m, based on completion
accounts showing achievement of an agreed working capital target.

 

 

For more information, please contact:

 

 Eneraqua Technologies plc                        Via Alma PR
 Mitesh Dhanak, CEO                               www.eneraquatechnologies.com (http://www.eneraquatechnologies.com/)
 Iain Richardson, CFO
 finnCap Limited - Nominated adviser and Broker   +44(0)20 7220 0500
 Ed Frisby / Charlie Beeson - Corporate Finance
 Andrew Burdis / Sunila de Silva - ECM
 Alma PR - Financial PR and IR                    +44(0)20 3405 0205
 Justine James / Sam Modlin / Will Ellis Hancock  eneraqua@almapr.co.uk

 

 

Notes to editors:

 

Eneraqua Technologies (AIM:ETP) is a specialist in energy and water
efficiency. The Group designs and delivers improved energy and water systems
which utilise its wholly owned intellectual property, Control Flow HL2024.
Energy was the first market the Company entered and this is the larger sector,
with the Company focused on clients with end of life gas, oil or electric
heating and hot water systems. The Group provides turnkey retrofit district or
communal heating systems based either on high-efficiency gas or ground/air
source heat pump solutions that support Net Zero and decarbonisation goals.

 

Water is a growing service offering focused on water efficiency upgrades for
utilities and commercial clients including hotels and care homes. It has also
expanded into agritech systems.

 

The activities in both areas are underpinned by the Company's wholly-owned
intellectual property, the Control Flow HL2024 family of products which reduce
water wastage and improve the performance of heating and hot water systems.

 

The Company's main country of operation is the United Kingdom. The Company's
head office is in London with additional offices in Leeds, Washington
(Sunderland), India, Spain and the Netherlands. The Company has 116 employees,
with the majority employed within the UK. Eneraqua Technologies has received
the London Stock Exchange's Green Economy Mark.

 

To find out more, please visit:  www.eneraquatechnologies.com
(http://www.eneraquatechnologies.com/)

 

 

No statement in this announcement is intended to be a profit forecast or
estimate and no statement in this announcement should be interpreted to mean
that earnings per share of the Company for the current or future financial
years would necessarily match or exceed the historical published earnings per
share of the Company.

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