Business
Acquisition, Trading Update & Notice of HY Results
Acquisition, Trading Update & Notice of HY Results.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n \nRNS Number : 9091F Flowtech Fluidpower PLC 02 August 2016 \n\n \n \n\n\n\n\nFLOWTECH FLUIDPOWER PLC\n(\"Flowtech\" or \"Group\" or \"Company\")\n \nAcquisition of Triple Six Limited\n&\nTrading Update and Notice of Half-Year Results\n \n\n\n\n\nLONDON: TUESDAY 2 AUGUST 2016: Specialist technical fluid power products supplier Flowtech Fluidpower plc (AIM: FLO), is pleased to announce the further strengthening of its product offering in the hydraulics sector through the acquisition of Triple Six Limited, and provide an update ahead of the release of the Company's Half-Year Results (for the period ended 30 June) which will be announced on Tuesday, 13 September 2016.\n \nACQUISITION OF TRIPLE SIX LIMITED (\"TSL\")\nBased in Yorkshire, TSL is a specialist designer and distributor of several ranges of hydraulic cylinders and semi rotary actuators to a wide variety of industries including civil engineering, railways, nuclear and marine. TSL will trade as part of the Power Motion Control division (PMC) under the leadership of its MD Steve Rushworth. Steve established TSL in 2008, and has over forty years' knowledge of the hydraulics sector in the UK and Europe. The acquisition was completed on 29 July 2016.\n \nFor the year ended 31 December 2015, turnover was £1.2 million producing a profit before tax of £0.15 million. Net assets at the same date were £0.5 million.\n \nTotal consideration comprised £0.75m for the trading operation and a further £0.35 million for the net cash position held at completion, a total of £1.1 million. The consideration relating to the trading operation is to be satisfied as to £0.45 million in cash on completion with the balance being contingent on the operating profit performance of the business over the next two years.\n \nCommenting, Sean Fennon, Chief Executive Officer, said:\n\"The acquisition of TSL continues the development of our PMC division and further enhances our offer to the power and motion control market. The acquisition again widens the customer sectors we serve. This is our third acquisition of 2016 and sixth overall since we came to market, and we are confident of further progress with our acquisition strategy before the end of the year.\"\n \nTRADING UPDATE \nSales analysis: Group revenue by divi...