Hydrodec Group Plc, an international provider of advanced oil and chemical process technology, products and services to industry, has sold its condition monitoring business to Healey Energy Services Pty for up to AU$800,000 (£401,000).

Hydrodec Group Plc, an international provider of advanced oil and chemical process technology, products and services to industry, has sold its condition monitoring business to Healey Energy Services Pty for up to AU$800,000 (£401,000). The proceeds of the sale will be used for working capital.

An initial payment of AU$600,000 will be made on completion, followed by a smaller payment of AU$200,000 in July. The condition monitoring business is a commercial oil analysis lab in Adelaide, which was acquired as part of the acquisition of the Young site located in New South Wales.

Healey Energy Services Pty is owned by Russell Healey, a part-time executive of Hydrodec. In the financial year ended 31 December 2008, the acquired business posted profits of £100,000 and had a net asset value of £100,000.

Hydrodec specialises in environmentally sustainable, small carbon footprint chemical processing and high-performance oil refining. For the six months ended 30 June 2008, the group made a loss of £1.2 million on a turnover of £2 million. Its net assets totalled £27.2 million during the corresponding period.