Last checked at 1 May 2024 07:00
Halma plc ('Halma' or the 'Group')
Acquisition
Halma, the global group of life-saving technology companies, today announces that it has acquired MK Test Systems Limited (MK Test).
Founded in 1990 and headquartered in Wellington, Somerset, UK, MK Test designs and manufactures safety-critical electrical testing technology. Its products are used globally to test the integrity of high voltage electrical systems in aerospace, rail and commercial EV industries.
The cash consideration for MK Test is £44m, on a cash- and debt-free basis, to be funded from Halma's existing facilities. MK Test's unaudited revenue for the 12 months to March 2024 was £12.4m, with Return on Sales substantially above the upper end of Halma's target range of 18-22%. MK Test will be a standalone company within Halma's Safety sector, led by its current management team.
Marc Ronchetti, Group Chief Executive of Halma, commented:
"MK Test further enhances our capabilities in electrical safety and brings new opportunities for growth, driven by increasing safety regulation and the need to protect high value assets. Its technology plays an important role in automated electrical testing and in ensuring the integrity of electrical systems. We are delighted to welcome MK Test and to support its development as it continues to scale its business globally."
Jason Evans, Managing Director of MK Test, said:
"Passenger and operator safety is a top priority for our customers. They must ensure that platforms and machines with increasingly complex electrical systems are manufactured and assembled correctly, are operating within specification, and are being properly maintained. Joining Halma means we can grow our business in key markets while helping more businesses meet increasing safety regulations and demands for test traceability. MK Test Systems is aligned with Halma's purpose of growing a safer, cleaner, healthier future for everyone, every day."
For further information, please contact:
Halma plc
Marc Ronchetti, Group Chief Executive +44 (0)1494 721111
Steve Gunning, Group Chief Financial Officer
Melanie Horton, Deputy Head of Investor Relations +44 (0) 7554 013 396
Clayton Hirst, Director of Corporate Affairs +44 (0) 7384 796 013
MHP
Oliver Hughes / Rachel Farrington / Ollie Hoare +44 (0)20 3128 8100
A copy of this announcement, together with other information about Halma, is available at www.halma.com.
About Halma
Halma is a global group of life-saving technology companies, focused on growing a safer, cleaner, healthier future for everyone, every day. Its purpose defines the three broad markets it operates in:
· Safety - Protecting people's safety and the environment as populations grow, and enhancing worker safety.
· Environment - Addressing the impacts of climate change, pollution and waste, protecting life-critical resources and supporting scientific research.
· Health - Meeting the increasing demand for better healthcare as chronic illness rises, driven by growing and ageing populations and lifestyle changes.
It employs over 8,000 people in more than 20 countries, with major operations in the UK, Mainland Europe, the USA and Asia Pacific. Halma is listed on the London Stock Exchange (LON: HLMA) and is a constituent of the FTSE 100 index.
Halma has been named as one of Britain's Most Admired Companies for the past six years.
For more information www.halma.com