Sale of Hydratron Limited

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[{"type":"text","content":"\n \nRNS Number : 6835Q Pressure Technologies PLC 07 June 2018  \n\nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n7 June 2018\n \n Pressure Technologies plc\n(\"Pressure Technologies\" or the \"Group\")\n \nSale of Hydratron Limited\nPressure Technologies plc (AIM: PRES), the specialist engineering group is pleased to announce that it has today agreed the sale of Hydratron Limited (\"Hydratron\") (the \"Disposal\"), which comprises the Group's Engineered Products Division, to Pryme Group Limited for an initial cash consideration of £1.1 million (less costs and retentions).  Additional consideration of up to £2.25 million may become payable in cash contingent on Hydratron's trading performance for the twelve month period to 31 May 2019.\nThe prolonged downturn in the oil and gas market impacted Hydratron more so than the Group's Precision Machined Components Division. Whilst successful steps have been taken to re-align the business with its core markets and establish the foundations for future growth as the oil market improves, the Board has nevertheless concluded that Hydratron will be better served as part of a group that can immediately enhance its critical mass and market position. For the financial year ended 30 September 2017, Hydratron reported a loss before tax of £0.47 million on revenues of £3.85 million and had net assets of £2.53 million.\nThe proceeds of the Disposal will be used to reduce the Group's debt.\n \nFor further information, please contact:\n\n\n\n\n \nPressure Technologies plc\nJohn Hayward, Chief Executive Officer\nJoanna Allen, Chief Financial Officer\nKeeley Clarke, Investor Relations\n\n\n \nTel: 0114 257 3622\nwww.pressuretechnologies.com\n\n\n\n\n \nCantor Fitzgerald Europe (Nominated Adviser and Broker)\nPhilip Davies / Will Goode\n\n\n \nTel: 020 7894 8337\n\n\n\n\n \n\n\n \n\n\n\n\nTavistock\n\n\n \n\n\n\n\nSimon Hudson\n\n\nTel: 020 7920 3150\n\n\n\n\n \n \nCOMPANY DESCRIPTION\n \nCompany description - www.pressuretechnologies.com\nWith its head office in...

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