Last checked at 2 Aug 2022 07:00
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 |
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
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.