Datong back in black ahead of its acquisition
INTELLIGENCE equipment business Datong, which is being acquired by rival Seven, edged back into profit in the last half year.
The Leeds-based business, which will see its shares cancelled on the Stock Exchange on July 10 after Seven completes its acquistion, saw an operating profit of £0.02m in the six months to March 31 compared to a loss of £0.14m last time on revenue up to £5.73m from £3.84m.
Datong put itself up for sale in February after an approach was made for the business. Seven offered 50p per Datong share and is paying £6.92m for the company.
The deal for Datong is being funded by YFM and Seven’s own cash resources.
Seven is the parent company of Seven Technologies, based in Lisburn, County Antrim. It specialises in the field of specialist surveillance and systems for use in hostile environments.
Non-executive directors Paul Lever, Grant Ashley, Richard Brearley and Brian Smith have all resigned since Seven’s offer became unconditional on June 11 leaving CEO Mark Cook and finance director Stephen Ayres on the board.
