ILX Group PLC Acquisition of TFPL Limited (7586H)
June 25 2013 - 2:01AM
UK Regulatory
TIDMILX TIDMIDOX
RNS Number : 7586H
ILX Group PLC
25 June 2013
25 June 2013
ILX Group PLC
("ILX" or the "Group")
Acquisition of TFPL Limited
ILX Group plc (AIM: ILX), the e-learning software and business
training company, is pleased to announce the conditional
acquisition (the "Acquisition") of TFPL Limited ("TFPL"), a
recruitment, training and consulting business, from Idox plc (AIM:
IDOX) for a maximum consideration of GBP0.6 million.
Specialising in the knowledge, information and data management
industries, TFPL provides executive search, managed services and
the placement of permanent, interim and contract personnel into the
public and private sectors. Since its establishment in 1985, the
company has developed a strong brand and reputation in its
marketplace.
In the year ended 31 October 2012, TFPL generated revenues of
GBP2.5 million and a gross profit of GBP1.3 million. After
operating charges and restructuring costs, the pre-tax loss in that
period was GBP35,000. Net liabilities as at 31 October 2012 were
GBP0.29 million.
The consideration for the Acquisition comprises an upfront
payment of GBP0.3 million, deferred consideration of GBP50,000
payable if TFPL's net fee income for the year to 31 October 2013
reaches GBP1.05 million, and a single earn-out payment of up to
GBP0.25 million payable in full if TFPL's net fee income exceeds
GBP1.3 million in the 12 months to 30 June 2014. All consideration
is payable in cash.
Wayne Bos, Executive Chairman of ILX, said: "This is a small but
strategic acquisition for ILX, which complements both our training
and consultancy activities. ILX trains thousands of project
managers every year - a significant resource, which TFPL with its
recruitment sector skills and other capabilities will be able to
leverage to the benefit of both the Group and our customers."
- ends -
For further information, please contact:
ILX Group plc
Wayne Bos, Executive Chairman Tel: 020 7751 7100
John McIntosh, Finance Director
SPARK Advisory Partners Limited (Nominated
Advisor)
Mark Brady Tel: 020 3368 3551
Sean Wyndham-Quin Tel: 020 3368 3555
This information is provided by RNS
The company news service from the London Stock Exchange
END
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