Trifast PLC VIC - deferred consideration paid (9149R)

TIDMTRI

RNS Number : 9149R

Trifast PLC

01 July 2015

Wednesday, 1 July 2015

Trifast plc

("Trifast" or "Group" or the "Company")

Viterie Italia Centrale SPA ('VIC')

Deferred consideration

On 30 May 2014, Trifast acquired the entire issued capital stock of VIC for an initial consideration of EUR27.00 million (GBP22.02m), satisfied by way of EUR24.15 million (30 May 2014: GBP19.65m) in cash and EUR2.85 million (30 May 2014: GBP2.37 million) by the issue and allotment of 3,000,000 ordinary shares of 5 pence each in the Company. Under the terms of the acquisition, a further payment of up to EUR5.00 million would become due to the vendors subject to the achievement of certain performance conditions in VIC for the 12-month period ended 31 December 2014.

As reported in the Group's preliminary results announced on 16 June 2015, in the ten months to 31 March 2015 VIC has exceeded Trifast's expectations producing revenue of GBP19.57m and an underlying operating profit of GBP4.43m, representing a very respectable 22.6% underlying operating profit margin. This strong performance has triggered the maximum adjusted post-tax profit earn out, detailed in the Acquisition Agreement. Therefore, the Company has today paid the maximum deferred consideration of EUR5.00m (c.GBP3.6m) to the vendors.

Trifast continues to search for similar businesses which meet its acquisition criteria and would support its growth plans and ambitions - namely knowledge and skills, capable self-managing and ongoing management teams, niche market positioning, growing revenue and profitability and earnings enhancing.

 
 Enquiries: 
 Trifast plc 
 Mark Belton, Group Finance 
  Director 
 Clare Foster, Company Secretary 
 Telephone: [phone] 
  747366 
 www.trifast.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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