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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tp Group Plc | LSE:TPG | London | Ordinary Share | GB0030591514 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.20 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTPG
RNS Number : 1716W
TP Group PLC
07 February 2017
07 February 2017
TP Group plc
("TP Group" or the "Company" or the "Group")
Acquisition of ALS Technologies and Flexible Software Solutions
Acquisitions enhance existing offerings into defence, commercial and aerospace sectors
TP Group (AIM: TPG), the specialist services and engineering group, announces that it has reached an agreement to acquire the entire issued share capital of ALS Technologies Ltd ("ALS") and Flexible Software Solutions Ltd ("FSS") for a combined initial consideration of GBP1.25 million, funded from the Group's existing cash resources, on a debt free cash free basis. A further consideration of up to GBP1.5 million will fall due on delivery of profit related earn-out targets over the first 20 months from completion. The maximum consideration payable for ALS and FSS, assuming all earn-out targets are met, is GBP2.75 million.
ALS, based in Wincanton, Somerset, provides systems engineering and assurance capability for mission support, flight control, combat systems and tactical information systems in the aerospace and defence markets. FSS, also based in Wincanton, develops safety-critical software for the defence and commercial sectors.
The TPG Board believes that the acquisition of both ALS and FSS will deliver significant synergy benefits to the group, which include:
-- extending TPG's existing services business activity in the provision of specialist resources in systems engineering and technical project support to defence and other sectors;
-- the addition of software solutions will enhance and strengthen TPG's existing capabilities; -- access to additional strategic customers and programmes; and -- the ability to cross sell new capabilities to existing TPG customers.
ALS reported revenues of GBP4.3 million and profits before tax of GBP0.5 million in the financial year ended 30 September 2016. As at 30 September 2016, ALS had gross assets of GBP0.8 million. FSS generated revenues of approximately GBP0.2 million and was approximately breakeven in the year ended 31 December 2016. As at 31 December 2016, FSS had gross assets of approximately GBP0.1 million.
Mr Steve Lafferty and Mr Steve Bray, directors of both companies, will remain with the businesses and continue to lead activities and operations in Wincanton.
The purchase consideration will be financed from TP Group's existing cash resources. The TPG Board believes that the acquisition of ALS and FSS will be accretive to Group earnings in the year of completion.
Phil Cartmell, Chief Executive of TP Group, commented:
"We are delighted to have agreed the purchase of ALS and FSS and that the existing directors Steve Lafferty and Steve Bray will stay with the businesses post acquisition. The enlarged Group will bring critical mass to our services business and should stimulate growth in both ALS and FSS, as they benefit from greater market reach and presence delivered by TPG.
"I look forward to welcoming our new colleagues to the TPG team and driving continued growth and value in the coming years."
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information, please contact:
TP Group plc Tel: 01753 285 810 Phil Cartmell, Chief Executive Officer Derren Stroud, Chief Financial Officer www.tpgroup.uk.com Cenkos Tel: 020 7397 8980 Mark Connelly / Callum Davidson www.cenkos.com Vigo Communications Tel: 020 7830 9700 Jeremy Garcia / Fiona Henson www.vigocomms.com
Notes to Editors
TP Group designs and develops advanced technologies, engineers complex equipment and systems, and provides support throughout their operational life. The Company's shares have been traded on AIM since July 2001.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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February 07, 2017 02:00 ET (07:00 GMT)
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