LaserBond (ASX:LBL) has signed a non binding agreement to dispose of Queensland assets for an undisclosed cash amount, the closure of which we will be subject to due diligence by the buyer.
The divestment continues LaserBond’s strategy to reduce its footprint in the Gladstone area and eliminate future losses from this division.
This follows its financial year to 30 June 2013, which indicated that EBITDA had fallen 105% to $100,433 on revenues of $13.5 million.
The NSW division continues to outperform despite the decline in some of the mining related activities.
LaserBond specialises in the reclamation and surface engineering of industrial components operating in severe environments and critical applications.
Interestingly, and with an eye to the future, LaserBond issued total fully franked dividends of 0.4 cents per share for the fiscal year.
While flagging that the last financial year results were of "a consequence of temporary factors," and indicating it it looking to continuing growth in revenue and profits.
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