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25 Mar 2011 07:00
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
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