Chloride's Nigerian plant sold

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The Independent Online
Chloride yesterday took another step away from its original batteries business and confirmed it was on the path to recovery with the announcement of an 0.2p final dividend.

The group is selling its 40 per cent stake in West African Batteries, a Nigerian manufacturer, for pounds 1.28m to UTC Nigeria, an associate of a Swiss company, for a profit expected to be around pounds 650,000. Chloride confirmed that its other battery businesses would be disposed of when opportunities arose. In March the company sold a loss-making power supplies business, Chloride El Paso, which pushed the group into the red last year.

Chloride yesterday announced pre-tax losses of pounds 318,000 for the year to March, compared with restated profits of pounds 1.21m the previous year. The results were weighed down by trading losses of pounds 1.77m at El Paso and a pounds 2.79m deficit on disposal.

The final dividend takes the total for the year to 0.3p.

Ray Horrocks,chairman, said the group had a strong base with its electronics businesses to develop the company this year.