TIDMSDI
RNS Number : 2097V
Scientific Digital Imaging Plc
05 April 2019
Scientific Digital Imaging plc
("SDI", the "Company" or the "Group")
(AIM: SDI)
Acquisition of MPB Industries Limited
The 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, is pleased to announce the acquisition on 4
April 2019 of MPB Industries Limited ("MPB") for a consideration of
GBP1,586,000 (the "Acquisition").
Highlights:
-- MPB designs and manufactures flowmeters and process control
instrumentation, with applications in water treatment, oil and gas
production, medical anaesthesia, scientific analysis and many other
areas
-- MPB will become part of the Group's Sensors & Control operating segment
-- For the year ended 31 December 2018, MPB achieved revenues of
GBP1.90m, gross profit of GBP1.28m and PBIT of GBP0.31m
(unaudited)
-- The Acquisition marks a continuation of the Group's strategy
of acquiring profitable complementary businesses characterised by
their leadership in niche segments of the scientific and industrial
instrumentation sector, with good presence in export markets
together with strong management
-- The Acquisition is expected to be earnings enhancing in SDI's
next financial year commencing 1 May 2019
Ken Ford, Chairman of SDI said:
"We are delighted to welcome MPB into the SDI family. MPB's
flowmeters are recognised for their quality across a broad set of
end markets, and their technology and applications nicely
complement those of other businesses in our Sensors & Control
segment. MPB is SDI's fourth significant acquisition in this
financial year which has seen the Group expand across its two
principal operating segments and highlights our position as an
acquirer of choice in our sector."
About MPB Industries
MPB designs and manufactures flowmeters, flow alarms, flow
indicators, flow switches, calibration cylinders and sight glasses
for the measurement of liquids and gases by well-known industrial
and scientific users. MPB operates across a broad range of
applications including water treatment, oil and gas production,
medical anaesthesia, and scientific analysis. Most of its sales are
designed specifically to its customers' requirements. MPB was
founded in 1986, employs 22 staff, and is based in East Peckham,
Kent.
For the year ended 31 December 2018 the Company had revenues of
GBP1.90m, gross profit of GBP1.28m and profit before interest and
tax of GBP0.31m (unaudited).
Approximately 54 per cent. of MPB's sales (2018) were to the UK,
32 per cent. were to the rest of Europe, and 14 per cent. were to
the rest of the world.
Acquisition rationale
The Acquisition is in line with the Group's strategy of
acquiring complementary businesses in niche segments of the
scientific and industrial instrumentation sector. The Board
believes that MPB will contribute positively to the development of
the Group's Sensors & Control segment. The Acquisition is
expected to be earnings enhancing in the next financial year
commencing 1 May 2019.
Consideration for the Acquisition
Total consideration for the Acquisition, paid in cash at
completion, was GBP1,586,000. SDI has funded the consideration from
existing cash resources.
Enquiries
Scientific Digital Imaging plc 01223 320480
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/Sunila de Silva - ECM
JW Communications 07818 430877
Julia Wilson - Investor & Public Relations
About SDI:
Scientific Digital Imaging plc ("SDI") designs and manufactures
scientific and technology products for use in digital imaging and
sensing and control applications including life sciences,
healthcare, astronomy, manufacturing, precision optics and art
conservation. SDI operates through its company divisions: Applied
Thermal Control, Astles, Atik Cameras, Sentek and Synoptics, as
well as the recently acquired, Fistreem, Thermal Exchange and
Graticules Optics.
SDI continues to grow by developing its own technology
advancements and by improving its global distribution footprint, as
well as through pursuing 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
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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