News blog
Hartest Holdings/Elektron
- BY: Andrew Hore |
- POSTED: 01/07/2009 |
Elektron says that it may launch a cash bid of around 25p a share for Hartest Holdings.
This knocked 2.5p off the Hartest share price leaving it at 27.5p, which values the instrumentation supplier at £2.37m.
Engineer and components maker Elektron says it has not even approached Hartest and has not made a firm decision about the offer, which would be in conjunction with a third party. Elektron already owns 23% of Hartest.
Elektron had net debt was £3.26m at the end of January 2009. It had headroom in its banking facilities of £2.2m – not including any acquisition facilities but including invoice discounting facilities.
Hartest reported a dip in revenues from £21.7m to £20.7m in the year to March 2009. There were £1.12m of relocation and redundancy expenses during the year. Stripping these out, profits fell from £884,000 to £252,000. There was net cash of £11,000 and assets held for sale of £750,000.
Medical services revenues fell, due to the loss of the Candela hair removal lasers franchise, and instrumentation revenues were flat. Medical services swung from profit to loss as foreign exchange movements increased the costs of imported products.
The net asset value was £8.08m at the end of March 2009, although if goodwill is excluded it is just over £4m. That is still nearly double the value of the possible bid.
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