YP 75: Uncertainty abounds as global markets struggle for direction
On Monday, Avacta Group, a biophysics company based in York, announced it had entered into an agreement with EV (Medical Screening) Limited for the exclusive rights to Avacta's laser-based breath diagnostics technology, although no financial details were disclosed.
Animalcare Group, a supplier of veterinary medicines and other products to the veterinary and agricultural markets, confirmed the sale of Fearing International (Stock Aids) Limited along with the business and assets of Ritchey Limited, for 3.25m, to Tru-Test UK Limited.
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Hide AdThe disposals will allow Animalcare to focus all its attention on its core veterinary medicines business and, over the next few weeks, the company will consider the most appropriate use of the proceeds from the sale. The company is also conducting a strategic review of its loss-making Travik Chemicals business.
It was confirmed on Wednesday that Redhall Group, the Wakefield-based engineering services company, had agreed to acquire Mount Engineering Plc for 16.4m cash, in order to boost its presence in the oil and gas sector.
The transaction means that Redhall Group will be paying 70p per share to Mount Engineering shareholders, which represents a 26 per cent premium to Tuesday's closing share price.
Redhall Group said the deal will boost earnings in the first year after the deal closes and also improve the company's operating margin.
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Hide AdInditherm, a provider of heating solutions, reported a first-half pre-tax loss and stated it has decided to focus only on medical sectors.
Revenue for the half-year ending June 30 was 972,000 compared with 555,000, and the pre-tax loss of 177,000 had narrowed from 635,000. The company said there is no sign of any upturn in market conditions and had, therefore, made the decision to exit the process solutions part of the industrial business.
Shipley-based Slingsby, one of the UK's market leaders in the distance selling of industrial and commercial equipment, released a half-yearly report on Friday, which highlighted a 28 per cent fall in first-half pre-tax profit, although last year's figure was distorted by a 700,000 exceptional gain.
The company continues to have a strong balance sheet and despite the difficult global economic conditions, the board remains positive that the company is well placed to take advantage of any upturn
Turnover for the half-year ending June 30 was 8.41m and the company increased the interim dividend to 5p from 4p in 2009.
Adrian Wasson Assistant Investment Manager at Brewin Dolphin, Leeds