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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Advance Visual | LSE:ACV | London | Ordinary Share | GB0002565355 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.16 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3298J Advance Visual Communications PLC 3 September 2001 3 September 2001 Advance Visual Communications plc acquires XOO LTD in london Highlights * Advance Visual Communications plc adds to European presence with the acquisition of London based New Media Consultancy, xoo Ltd (pronounced zoo). * Xoo's unaudited accounts for year ended 30 April 2001 indicate turnover of GBP 379,000 and a loss of GBP 11,000 * The acquisition will be satisfied initially through the issue of 4.75 million new ordinary shares of Advance or GBP 130,000 at Advance's closing price of 2.75 p. This represents an initial multiple of 0.34 of xoo's trailing 12 months sales. * Additional consideration will be issued if xoo achieves certain sales targets during the first year post acquisition. The maximum potential additional consideration is 4.75 million shares of Advance upon achieving sales of GBP 1,200,000. * Acquisition strengthens Advance's position as a leading European Internet Professional Services provider and provides additional consulting capacity in lucrative UK market. * Synergies support the Group's pioneering centralised production structure * Advance Visual Communications plc now operates from six sales locations and two production centres offering Europe wide reach. Advance Visual Communications plc, ("Advance" or the "Company"), the AIM listed Internet Professional Services (IPS) provider, announces today that it has purchased London based xoo Ltd in an all paper transaction. Xoo has been acquired for GBP 130,000 to be satisfied by way of issue of 4,750,000 new Ordinary shares at Thursday's closing price of 2.75p per new Ordinary share. In addition, there is a deferred consideration of up to 4,750,000 new Ordinary shares if sales exceed GBP 1,200,000 within the first year post acquisition. Advance's distinctive operational structure is designed to offer operational efficiencies and higher margins through centralised production facilities and localised sales offices. This highly scaleable operational structure fits with xoo's model of outsourcing production. Integration will be efficient and redundancy free as previously outsourced production work will now be handled by Advance's strong Internet and wireless production centre in Sophia Antipolis, South of France. Massoud Amiri, Chief Executive Officer, Advance Visual Communications, said: "This acquisition has added a strong set of clients to our already expanding customer base, including Fantasy League, Traderserve, Camden Borough Council and Tencel. We are pleased to welcome the xoo team to Advance, their experience and focus on consulting will take advantage of the strong leads pipeline that Advance has built. Xoo, coupled with our five other sales offices and two production centres, has made us firmly established in Europe's three largest technology services markets: UK, France, Germany as well as our presence in Switzerland." "We do not anticipate any further acquisitions in the near future. Our primary objective is rapid revenue growth from our six sales offices, which will be a significant improvement over the two main sales offices that generated the bulk of our business in the last fiscal year. Furthermore, due to numerous cost cutting initiatives, Advance has significantly fewer employees despite tripling the number of our sales offices. We have become much more efficient." - ends - About Xoo Ltd www.xoo.co.uk Xoo is a Internet consultancy founded in 1998. Following a restructuring early this year, the team was reduced from 14 at its peak to a core team of 5 concentrating on the consulting side of the business. The group also boasts proven wireless capability. xoo has worked with diverse and prestigious clients including British Airways, Poptones, Camden Borough Council, Tencel and Traderserve. xoo outsourced most of of their production until now. Unaudited accounts for the fiscal year ended 30 April 2001 show the company made a loss of GBP11,000 based on turnover of GBP 379,000. About Advance www.advancevisual.com Advance Visual Communications plc was admitted to the Alternative Investment Market (AIM) part of the London Stock Exchange in November 2000 and trades under the stock symbol ACV. It aims to create a leading pan-European Internet Professional Services (IPS) company through a combination of acquisition and organic growth. Advance currently has five sales and consultancy operations across the UK, France, Germany and Switzerland. In contrast, the company's production facilities are centralised in two locations, Sophia Antipolis, South of France, for Internet and wireless developments and in Bradford, UK, for Digital Video and Multimedia productions. Advance specialises in helping companies harness the Internet to enhance margins and bring their businesses closer to their customers, suppliers and channels. The company also provides a complete range of Multimedia and Digital Video solutions. For further information: Massoud Amiri, Chief Executive Officer Advance Visual Communications plc 020 7830 9740 Billy Clegg/Charlotte Fisher Bell Pottinger Financial 0207 353 9203
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