LONDON (Alliance News) - Ensor Holdings PLC on Tuesday said it will be looking to sell assets to trade buyers following completion of a strategic review and will buy an annuity to cover liabilities on its pension scheme, with the latter to be covered by short-term borrowings until the asset sales occur.
The holding company said its pretax profit rose to GBP2.2 million in the half to the end of September, from GBP1.3 million a year earlier, as revenue increased to GBP19.7 million from GBP17.0 million. The group will also pay an interim dividend of 0.75 pence per share, up from 0.60p.
While the group said its sales performance had been robust in the half, it said it had completed the strategic review of the business started in May and has concluded it will now pursue a series of trade sales, rather than seeking to sell the whole business.
As this progresses, it will be buying annuity to secure all future liabilities of its pension scheme, the GBP6.0 million cost of which will be covered by short-term borrowings which will bridge the gap between the money coming in from the asset sales.
The company said it is in talks with potential buyers for its assets, which includes units making automation and control devices for doors and gates and an insulated industrial and garage doors manufacturer.
Ensor shares were down 13% to 95.85 pence early Tuesday, one of the worst performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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