Business
Acquisition of Thermal Exchange Limited
Acquisition of Thermal Exchange Limited.
About this update from Sdi Group Plc
[{"type":"text","content":"\n \nRNS Number : 9012O Scientific Digital Imaging Plc 04 February 2019 \n\nScientific Digital Imaging plc\n(\"SDI\", the \"Company\" or the \"Group\")\n(AIM: SDI)\n \nAcquisition of Thermal Exchange Limited\nThe Board of Scientific Digital Imaging plc, the AIM quoted group focused on the design and manufacture of scientific and technology products for use in digital imaging and sensing and control applications, including life sciences, healthcare, astronomy, manufacturing and art conservation, is pleased to announce the acquisition on 1 February 2019 of Thermal Exchange Limited (\"Thermal Exchange\" or \"TE\") for a consideration of £847,036, plus an additional cash payment for net assets at completion (the \"Acquisition\").\n \n \nHighlights:\n \n· Thermal Exchange designs, builds and distributes process cooling and temperature control equipment for industrial, medical and scientific applications\n· For the year ended 30 September 2018, TE achieved revenue of £1.40m*, gross profit of £0.95m* and profit before tax of £0.21m* \n· The Board has identified areas within TE with potential for growth, particularly in combination with the skills and resources within Applied Thermal Control, SDI's recently acquired business specialising in process cooling and control equipment\n· The Acquisition is expected to be earnings enhancing in its first full year of ownership\n \n* Adjusted to exclude one historical product line. Further details below\n \nKen Ford, Chairman of SDI said:\n\"Thermal Exchange represents another step in our Group growth strategy and is a complementary fit providing potential areas for growth alongside a talented workforce. The acquisition is in line with our previously announced strategy of organic and acquisitive growth and is expected to be earnings enhancing in its first full year of ownership.\"\n \nAbout Thermal Exchange Limited\nTE designs, builds and distributes process cooling and temperature control equipment for industrial, medical and scientific applications. The Leicester based company was founded in 1982 and employs 15 staff.\nFor the year ended 30 September 2018 the Company achieved adjusted revenue of £1.40m (unadjusted £2.04m), gross profit of £0.95m (u...