Scientific Digital Buys Graticules Division And Raises GBP2.5 Million (ALLISS)

LONDON (Alliance News) - Scientific Digital Imaging PLC on Tuesday said it has acquired ...

Alliance News 12 February, 2019 | 5:09PM
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LONDON (Alliance News) - Scientific Digital Imaging PLC on Tuesday said it has acquired Graticules, a division of Pyser Optics Ltd, for GBP3.4 million.

In addition, the company has raised around GBP2.5 million via placing, with plans to raise another GBP100,000.

The Graticules division will trade as Graticules Optics Ltd and makes microscope eyepiece reticles, which are used as a measuring guide when looking at images using microscopes.

Graticules also makes electron microscopy grids and other microscope-related equipment. Its revenue for the year ended March 2018 was GBP1.9 million, with a gross profit of GBP1.1 million and earnings before interest and taxation of GBP650,000.

The GBP3.4 million was funded using Scientific Digital's existing bank facilities and is complementary to the company's digital imaging segment.

The company's fund raise is intended to strengthen Scientific Digital's balance sheet by reducing its net debt following the Graticules acquisition.

GBP2.5 million was raised through the issue of 7.3 million shares at a price of 34 pence each and Scientific Digital intends to raise another GBP100,000 through the issue of 294,117 more shares at the same price.

"The acquisition of Graticules will be another step in our group's growth strategy and is a complementary fit providing new areas targeted for growth. The acquisition is in line with our previously announced strategy of organic and acquisitive growth and is expected to be earnings enhancing in its first full year of ownership. The pipeline of potential acquisitions also remains strong. We welcome the Graticules team to the group," said Scientific Digital Chair Ken Ford.

Shares in Scientific Digital closed down 0.2% at 36.68 pence on Tuesday.

By Anna Farley;

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Scientific Digital Imaging PLC 50.50 GBX -2.32 -
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