ALTX-listed industrial engineering company PSV Holdings says the sale of its pumps division and the decentralisation of its operations have allowed it to focus on its more profitable products.In August the company announced it had sold its pumps business to WPIL, an Indian pump business, for R54m. PSV is now composed of valves and industrial supplies, and specialised services.On Friday the company released its financial results for the six months to August, during which revenue rose 65.7%.Its headline earnings per share climbed from 61c to R1.72."The successful sale of the pump segment for R54m, coupled with the recovery of R14m from loan accounts and the sale of the Petrologic business to Tokheim International, ensured that PSV was able to liquidate primary debt as well as eliminate a major loss-making subsidiary," CEO Abie da Silva said.This had permitted "management to implement the last phase of the restructuring programme which includes decentralising the underlying businesses,...
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