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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Galliford Try Holdings Plc | LSE:GFRD | London | Ordinary Share | GB00BKY40Q38 | ORD 50P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 254.00 | 254.00 | 256.00 | 259.00 | 252.00 | 252.00 | 190,294 | 16:35:19 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gen Contr-single-family Home | 1.39B | 9.1M | 0.0886 | 28.78 | 261.8M |
TIDMGFRD
RNS Number : 4085O
Galliford Try Holdings PLC
07 October 2021
The information contained within this Announcement constitutes inside information. Upon the publication of this Announcement via A Regulatory Information Service, this inside information is now considered to be in the public domain.
FOR IMMEDIATE RELEASE.
7 October 2021
Galliford Try Holdings plc ("Galliford Try")
Acquisition of nmcn's Water business from nmcn plc (in administration) ("nmcn") and nmcn Sustainable Solutions Limited (in administration)
The Board of Galliford Try is pleased to announce that it has agreed to acquire substantially all of nmcn's Water business including the specialist water process and control businesses Nomenca and Lintott (together, "nmcn Water" or the "Water Business") for an aggregate consideration of GBP1.0 million in cash (the "Transaction").
Commenting on the Transaction, Bill Hocking, Chief Executive of Galliford Try, said:
"I am delighted to welcome the employees, clients and suppliers of nmcn Water to Galliford Try. This acquisition is an excellent strategic fit with our existing business and will accelerate the growth of our successful Environment division, providing work with new clients and increasing our capabilities. This is a very exciting time as we deliver our Sustainable Growth Strategy and I look forward to a bright future for our collective team."
nmcn Water profile and fit with Galliford Try
nmcn Water works with UK water utility companies to build and maintain high-quality water and wastewater treatment systems. Its geographic coverage, customer relationships and technical capabilities are all highly complementary to Galliford Try's existing operations.
Galliford Try has a detailed understanding of nmcn Water's operations and has closely followed the evolution of the Water Business through nmcn's refinancing process and various trading and financial disclosures through 2021. In combination, this knowledge has provided us with a thorough understanding of nmcn Water and its prospects.
The 75 year heritage and values of nmcn Water are an excellent fit with the history and values of Galliford Try. In particular, the Transaction is consistent with our recently published Sustainable Growth Strategy:
-- Providing a geographic footprint that will accelerate growth of the Water Business through a series of established frameworks with new customers for Galliford Try;
-- Extending our capabilities in the design and Mechanical, Electrical, Instrumentation, Control and Automation (MEICA) elements of the Water Business; and
-- Introducing further high quality people to strengthen our own talent pool.
Galliford Try is especially appreciative of the efforts of nmcn's customers, suppliers, employees and management over the last year and will be engaging proactively to provide the stability to move forward. Approximately 900 nmcn Water employees will join Galliford Try as a result of the Transaction, including its senior management team.
Details of the Transaction
Galliford Try will acquire substantially all of nmcn's Water Business, including the specialist water process and control businesses Nomenca and Lintott. The Water Business generates annual revenue of approximately GBP100 million and the Transaction is expected to be immediately earnings enhancing, before transaction and restructuring costs. The Transaction has been implemented by way of an administration sale.
In addition to the GBP1.0 million purchase price, Galliford Try anticipates that it will have to fund certain contractual liabilities incurred prior to the completion date of the Transaction which will be necessary to provide operational stability to the Water Business.
For the year ended 31 December 2019, being the last year for which nmcn has published audited results, nmcn's water segment, prior to subsequent re-statements, generated operating profit of GBP7.6 million on turnover of GBP282.6 million. The gross assets of nmcn's water segment were GBP70.0 million as at 31 December 2019.
The person responsible for arranging the release of this announcement on behalf of Galliford Try is Kevin Corbett, General Counsel & Company Secretary.
- End -
For further information please contact:
Galliford Try Holdings plc Tel: +44 (0)18 9585 Bill Hocking, Chief Executive 5001 Andrew Duxbury, Finance Director Kevin Corbett, General Counsel & Company Secretary Peel Hunt LLP (Financial Adviser and Corporate Tel: +44 (0)20 7418 Broker) 8900 Charlie Batten Harry Nicholas Miles Cox Tulchan Communications Tel: +44 (0)20 7353 James Macey White 4200 Victoria Boxall
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October 07, 2021 10:23 ET (14:23 GMT)
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