31 March 2025
Vulcan Industries plc
("Vulcan" or the "Company")
Disposal of Aftech Limited and Company update
Vulcan Industries plc (AQSE: VULC) is pleased to announce that it has disposed
of the entire share capital of Aftech Limited ("Aftech").
Disposal rationale
Aftech is a sheet metal fabrication company specialising in laser cutting,
bending and forming. Aftech has experienced tough trading conditions in the
second half of the year ending 31 March 2025. Following a review of the working
capital requirements to return the business to profitability, the board have
decided to dispose of the business to avoid continued cash outflows.
Consideration
In the interim accounts to 30 September 2023, Aftech had net assets of £282,000.
Consideration from the disposal is £1. The Company will report a loss on
disposal.
Company update
The impairment of Goodwill attributable to Aftech (£718,000) will impact the
unpublished results for the year ended 31 March 2024 which will now reflect net
liabilities. The Company is in discussions with its secured creditors whose
principal obligations fall due in April and June 2025. Until the outcome of
these discussions are known, it will not be possible to publish the results for
the year ended 31 March 2024 or the interim accounts for the 6 Months to 30
September 2024. The Company's remaining asset is its investment in the Lincoln
Battery Energy Storage project. The project is progressing its planning
application.
Ian Tordoff, Executive Chairman, "Whilst we have reviewed a series of options to
support Aftech, the additional capital and working capital investment required
to regain profitability cannot be justified given the continued uncertainty
concerning the secured creditors."
For further information, visit: https://vulcanplc.com
The directors of Vulcan accept responsibility for this announcement.
Contacts
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|Vulcan Industries plc| |
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|Ian Tordoff, Chairman| |
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|Neil Clayton |nc@vulcanplc.com|
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About Vulcan
Vulcan holds an interest in a 240 MW Battery Energy Storage project, that is
currently seeking planning permission. For more information visit
https://www.voxmarkets.co.uk/listings/PLU/VULC
Forward Looking Statements
This news release may contain "forward-looking" statements and information
relating to the Company. These statements are based on the beliefs of Company
management, as well as assumptions made by and information currently available
to Company management. The Company does not undertake to update forward-looking
statements or forward-looking information, except as required by law.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to be in the
public domain.
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