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Disposal

25th Mar 2011 07:00

RNS Number : 6074D
Energy Technique PLC
25 March 2011
 

Energy Technique plc

(the "Company")

 

 

The Board of Energy Technique plc announces today the disposal of its building services maintenance subsidiary, SIAS FM Limited, to Stroma Developments Limited for a cash consideration of £23,000. The consideration represents a discount to net assets at 28 February 2011 of £20,000. In addition, there will be a further non-cash write-off of £340,000, representing the goodwill arising when SIAS FM was purchased in August 2009.

 

In the period between August 2009 and 31 March 2010, SIAS FM generated sales of £1.29 million and a small operating profit of £50,000. However, trading deteriorated in the six months ended 30 September 2010 with SIAS FM incurring an operating loss of £134,000 on sales of £825,000. Since 30 September 2010 SIAS FM has continued to incur losses.

 

SIAS FM was a non core subsidiary. The Company retains its core Diffusion fan coil and commercial heating business.

 

Contacts:

 

Energy Technique Plc: 020 8783 0033

Walter Goldsmith, Chairman

Rob Unsworth, Company Secretary

 

finnCap (Nominated Adviser): 020 7600 1658

Geoff Nash/Ed Frisby

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DISLLFSTVEISFIL

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