Last checked at 1 Feb 2023 07:00
Halma plc ('Halma' or the 'Group')
Acquisition
Halma, the global group of life-saving technology companies, today announces that it has acquired Thermocable (Flexible Elements) Ltd (Thermocable) for its Safety sector fire detection company, Apollo Fire Detectors Limited (Apollo).
Thermocable is based in Bradford, UK, and is a leading developer and manufacturer of Linear Heat Detectors (LHDs). LHDs are temperature sensitive cables, installed in areas at risk of overheating and fire, which trigger an alert when they detect a change of temperature. Thermocable's specialist detection technologies further expand the range of devices Apollo offers in the commercial and industrial fire detection markets.
The initial consideration for Thermocable is £22m, on a cash- and debt-free basis, which will be funded from Halma's existing facilities. Thermocable's unaudited revenue for the 12 months to 31 March 2022 was £6.3m, with Return on Sales substantially above the upper end of Halma's target range of 18-22%.
Andrew Williams, Group Chief Executive of Halma, commented:
"Thermocable's specialist technologies will further enhance Apollo's existing strengths in fire detection and alarm systems for industrial and commercial customers. They will enable Apollo to address a greater range of customer needs in niche applications for a variety of sectors such as urban infrastructure and transportation, logistics, natural resources and emerging applications in renewable power generation."
David Bulley, Managing Director of Apollo, commented:
"Our long-term growth is driven by increasing urbanisation, population growth and safety regulation. With the acquisition of Thermocable, we will serve a greater range of customer needs globally while offering an extra layer of protection to help extinguish fires at the source before they cause serious harm. Its technologies are highly aligned with Apollo's purpose to protect people and their environment."
For further information, please contact:
Halma plc
Andrew Williams, Group Chief Executive +44 (0)1494 721111
Marc Ronchetti, Group Chief Executive Designate
Steve Gunning, Group Chief Financial Officer
Charles King, Head of Investor Relations +44 (0) 7776 685948
Clayton Hirst, Director of Corporate Affairs +44 (0) 7384 796 013
MHP Communications
Rachel Farrington / Ollie Hoare +44 (0)20 3128 8613 / 8276
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 7,000 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.