Acquisition
July 03 2003 - 3:00AM
UK Regulatory
RNS Number:0902N
Clarke(T.) PLC
03 July 2003
T. Clarke plc
T. CLARKE ACQUISITION
The Board of T. Clarke plc ("T. Clarke"), the electrical engineering and
contracting company today announces the acquisition of two privately owned
businesses in Cambridgeshire for a cash consideration of up to #3.4 million
dependent on the value of net assets at completion.
The two businesses are AG Aylward Electrical & Mechanical Limited and AG Aylward
EMS (Maintenance and Minor Works) Limited. Both are electrical and mechanical
engineering contractors based in Kimbolton, Cambridgeshire. Together, they
employ 75 staff and for the year ended 30 September 2002, they reported a
turnover of #6.036 million, profits before tax of #446,000 and net assets of
#1.081 million.
The two firms have a strong regional presence, working for a wide range of
public and private sector customers throughout East Anglia. Customers include
many of the local authorities, education authorities and housing associations.
Following the statement made at the recent Annual General Meeting, T. Clarke
anticipates that the group outcome for the full year will at least be in line
with expectations.
Pat Stanborough, Chief Executive commented,
" Our strategy is to grow the scale of the group organically and by acquiring
high quality regional businesses that have a good geographical & business fit
with our existing operations. We have had a successful track record of
identifying suitable acquisition opportunities that have strengthened both our
geographical presence and the diversity of our workload. We are confident that
this business will fit well with our existing operations and will benefit
enormously from being part of the larger T.Clarke Group."
-ends-
Date: 3 July 2003
For further information contact:
T. Clarke plc City Profile Group
Pat Stanborough, Chief Executive Simon Courtenay
John Daly, Finance Director Tel: 020-7448-3244
Tel: 020-7358-5000
Web: www.tclarke.co.uk
Arbuthnot Securities
Richard Dunn
Tel: 020-7002-4633
This information is provided by RNS
The company news service from the London Stock Exchange
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