Scientific Digital Imaging Plc Acquisition of Fistreem International Limited (7733B)
September 25 2018 - 1:00AM
UK Regulatory
TIDMSDI
RNS Number : 7733B
Scientific Digital Imaging Plc
25 September 2018
Scientific Digital Imaging plc
("SDI", the "Company" or the "Group")
(AIM: SDI)
Acquisition of Fistreem International Limited
The Board of Scientific Digital Imaging plc, the AIM quoted
group focused on the design and manufacture of scientific products
for use in applications including life science, healthcare,
astronomy, consumer manufacturing and art conservation, is pleased
to announce the acquisition of Fistreem International Limited
("Fistreem") for a total consideration of GBP756,000 (the
"Acquisition").
Highlights:
-- Fistreem designs and manufactures water purification products and vacuum ovens.
-- For the year ended 31 August 2017, Fistreem achieved revenue
of GBP645,000, gross profit of GBP356,000 and profit before tax of
GBP221,000.
-- The Acquisition is in line with the Group's strategy of
acquiring complementary businesses and the Board has identified
areas within Fistreem with potential for growth.
Ken Ford, Chairman of SDI said:
"Fistreem is a small but important step in our Group acquisition
strategy. Fistreem is another business that fits into the Group and
its brands. The acquisition is in line with our previously
announced acquisition strategy and is expected to be earnings
enhancing in its first full year of ownership."
About Fistreem International Limited
Fistreem was incorporated in May 2004 when Fistreem purchased
the water purification business and vacuum oven business from Sanyo
Gallenkamp Plc. Fistreem has 4 members of staff who all worked at
Sanyo Gallenkamp Plc prior to the divestment, as a result they each
have many years of Fistreem product experience.
Fistreem's principle two activities are:
1. The manufacture of water purification products and brands
including Cyclon Water Still, Calypso brand water stills, AquaRec
UV Water Re-circulation System and a range of deionisers and
filters under the Fistreem Puri-Fi brand; and
2. The manufacture of a vacuum oven under the Fistreem brand.
For the year ended 31 August 2017, Fistreem achieved revenue of
GBP645,000, gross profit of GBP356,000 and profit before tax of
GBP221,000. In the year ended 31 August 2017, 61 per cent of sales
were exported, USA being the highest revenue stream. Fistreem's
products are sold to over 50 countries worldwide.
Acquisition Rationale
The Acquisition is in line with the Group's strategy of
acquiring complementary businesses and the Board has identified
areas within Fistreem with potential for growth.
Consideration for the Acquisition
The total consideration payable in is GBP756,000. SDI has funded
the total consideration using its existing cash resources.
Enquiries
Scientific Digital Imaging plc 01223 727144
Ken Ford, Chairman
Mike Creedon, CEO
Jon Abell, CFO
www.scientificdigitalimaging.com
finnCap Ltd 020 7220 0500
Ed Frisby/Kate Bannatyne - Corporate Finance
Andrew Burdis - Corporate Broking
JW Communications 07818 430877
Julia Wilson - Investor & Public Relations
About SDI:
Scientific Digital Imaging plc designs and manufactures
scientific and technology products for use in applications
including life sciences, healthcare, astronomy, consumer
manufacturing and art conservation through the Synoptics brands
(Syngene, Synbiosis, and Synoptics Health), the Atik brands (Atik
Cameras, Opus Instruments and QSI), Sentek, Astles Control Systems
and Applied Thermal Control. SDI intends to continue to grow
through its own technology advancements as well as strategic,
complementary acquisitions.
No statement in this announcement is intended to be a profit
forecast or estimate and no statement in this announcement should
be interpreted to mean that earnings per share of the Company for
the current or future financial years would necessarily match or
exceed the historical published earnings per share of the
Company.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACQLLFIDASISFIT
(END) Dow Jones Newswires
September 25, 2018 02:00 ET (06:00 GMT)
Sdi (LSE:SDI)
Historical Stock Chart
From Apr 2024 to May 2024
Sdi (LSE:SDI)
Historical Stock Chart
From May 2023 to May 2024