Elektron Technology completes sale of Digitron

AIM-listed Elektron Technology has completed the sale of the business and assets of Digitron to The British Rototherm Company for a total gross consideration of £300,000 in cash payable on completion, which will be used for working capital purposes.

Digitron is a manufacturer of instruments for pressure and temperature measurement.

In the year ended 31 January 2017, the business of Digitron traded as a brand within Elektron Technology UK with sales of £1.4m and 'brand contribution' - an internal measure of profitability before the allocation of certain group pooled costs such as finance, information technology and human resources - of £60,000.

After making a deduction for a fair share of these costs, the board estimates the Digitron contribution to be immaterial for the year ended to the end of January.

The sale is part of the group's rationalisation of its portfolio, focusing its investment on the core segments of Bulgin, IMC (Instrumentation, Monitoring and Control) portfolio and Checkit.

"Elektron is continuing to transform its business, building a technology led company through its strategy of innovation, streamlining operations and investing in infrastructure, people and capabilities," the company said.