Disposal and Company Update

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The impairment of Goodwill attributable to Aftech (£718,000) will impact the unpublished results for the year ended 31 March 2024 which will now reflect net liabilities.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

Vulcan Industries plc
Ian Tordoff, Chairman
Neil Clayton	[e-mail]

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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