On 5 December 2016, the Group sold the trade and assets of its Coatings business based in Wolverhampton due to the facility delivering returns below those considered acceptable to the Group. During the year, the Wolverhampton facility contributed £2.3m (2015: £2.6m) to Group revenue and contributed headline operating profit of £0.1m (2015: £0.1m) to Group results. The Wolverhampton facility is disclosed within the Western Europe AGI operating segment.
On 25 September 2015, the Group sold 100% of its interest in ("Bodycote Brazil"). During 2015, Bodycote Brazil contributed £4.0m to Group revenue and contributed a headline operating loss of £1.8m to Group results. Bodycote Brazil was disclosed within the Emerging Markets AGI operating segment.
On 11 September 2015, the Group also sold 100% of its interest in Bodycote Metallurgical Services India Pvt. Ltd ("Bodycote India"). During 2015, Bodycote India contributed £1.0m to Group revenue and contributed a headline operating loss of £0.2m to Group results. Bodycote India was disclosed within the Emerging Markets AGI operating segment.
The net assets of these businesses at the date of disposal were as follows:
| 2016
£m | 2015
£m |
|---|
| Property, plant and equipment | (1.7) | (1.0) |
| Trade and other receivables | – | (1.4) |
| Inventories | (0.1) | (0.1) |
| Trade and other payables | – | 1.4 |
| Net assets on date of disposal | (1.8) | (1.1) |
| Cash consideration | 1.9 | 1.8 |
| Disposal costs | – | (0.2) |
| Cumulative exchange differences recycled on disposal | – | 3.3 |
| Profit on disposal of businesses | 0.1 | 3.8 |
| Net cash inflow arising on disposal: | | |
| Cash consideration net of disposal costs | 1.9 | 1.6 |