Elektron Technology has sold Titman Tip Tools to a management team for £500,000.
The router cutters manufacturer generated revenues of £2m last year and made a contribution before central costs of £176,000. After allocation of overheads the operating profit was around £100,000.
Elektron as a whole made a loss in the year to January 2017 due to the start-up loss of Checkit. This is a business that plans to improve the operational efficiency of companies by moving them from paper to the cloud. The initial focus is food, healthcare and facilities management businesses.
At 13.25p a share, the Elektron share price is trading just below its 12 month high.
© 2017 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.