The Alumasc Group Plc has completed the sale of the business and assets of Dyson Diecastings, the group’s last remaining Engineering Products company, to Broadways Stampings for net cash consideration of £4m.
The gross and net book values of assets sold is expected to be around £3.9m and £3.2m respectively, giving rise to an expected gain on sale and consequential increase in group net assets of £0.8m, subject to finalisation of completion accounts.
Dyson’s legacy defined benefit pension obligations will be retained by Alumasc under the terms of the transaction.
In the financial year ending 30 June 2015, Dyson reported a revenue of £8.1m, with an operating profit of £0.7m. In the current financial year, market and trading conditions for Dyson have been more challenging, and so the sale of the business is expected to be broadly earning per share neutral to the group.
Following the sale of Dyson, the Alumasc Group Plc has achieved its objective of becoming a focused supplier of niche building products, systems and solutions, enabling management to concrete solely on driving further profitable growth in these sectors.
The cash proceeds of the sale will be re-invested to support this growth, including the intended purchase of new premises for Alumasc Water Management Solutions.
Despite the short term impact on the UK construction markets of uncertainties surrounding the EU referendum towards the end of the financial year (30 June 2016), the performance of Alumasc’s continuing building products operations has been broadly in line with market expectations.
The growth has delivered growth and improving returns across a number of its niche building product businesses and has close to record building products order books.
Order book growth and visibility has been greatest at Levolux, the company’s solar shading and screening business, which has seen a significant increase in orders for exports to North America.
Whilst the group says it is too early to tell whether the Brexit will have an effect on the its business, it sees “long term structural drivers that support a positive outlook for revenue development” across its business segments.
Alumasc Water Management Solutions
Phone: 01536 383810
Fax: 01744 648401
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