Petards Group PLC Acquisition (8841N)
2018年5月14日 - 3:00PM
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RNS Number : 8841N
Petards Group PLC
14 May 2018
14 May 2018
Petards Group plc
("Petards" or "the Company")
Completion of Acquisition of RTS Solutions
Petards, the AIM quoted developer of advanced security and
surveillance systems is pleased to announce that it has acquired
the entire issued share capital of RTS Solutions (Holdings) Limited
and RTS Solutions (UK) Limited (together "RTS").
RTS (www.rts-solutions.net) is a specialist transportation
software engineering company delivering stable and resilient,
web-based, real-time safety critical applications, whose main
customers are currently Network Rail and its Tier 1 contractors. It
supplies end-to-end integrated solutions that support the UK rail
network infrastructure by maximising effectiveness for operational,
engineering and maintenance programmes. These solutions include
incident and fault management, work site management, resource
management, machine plant management, and asset/inventory
management applications.
RTS's unaudited accounts for the year ended 31 March 2017 show
that it generated revenues of GBP778,000 and reported a profit
before tax of GBP262,000. Over 50% of these revenues related to
recurring software licences, maintenance and support contracts. The
business is debt free and has a history of excellent cash
generation. Revenues recorded in the unaudited management accounts
for the year ended 31 March 2018 totalled approximately
GBP800,000.
The acquisition consideration comprises an initial cash payment
of GBP1.0 million and deferred consideration of up to GBP0.5
million conditional upon RTS meeting certain financial and other
targets during the 12 months ending 31 March 2019.
A payment of GBP0.6 million will also be made on a pound for
pound basis for surplus cash in RTS's balance sheet.
Accordingly, the total maximum consideration will be GBP1.5
million for the business plus the GBP0.6 million payment for
surplus cash on a pound for pound basis. The consideration is being
satisfied in cash from Petards existing cash reserves and a new
GBP1.25 million five year bank term loan.
RTS will operate as an independent company within the Petards
Group from its offices at Holbeck Rail Depot in Leeds and all staff
will be retained within the business as part of the
acquisition.
The Directors believe that the acquisition will strengthen the
Group's software solutions offering and that it will provide the
Group with an entry into the UK rail infrastructure market
complementing the Group's existing eyeTrain on-board train systems.
RTS has a strong base of recurring revenues and the Directors
believe that it will be earnings accretive in its first full year
as part of the Petards Group.
Commenting, Raschid Abdullah, Petards Chairman said:
"We are delighted to welcome RTS and its staff to the Petards
Group and look forward to working with them to further develop and
grow its business. This acquisition marks a further step in the
broadening of the Group's portfolio of products, providing the
opportunity to expand its earnings and enhance shareholder
value."
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information:
Petards Group plc www.petards.com
Raschid Abdullah, Chairman Mb: 07768 905 004
WH Ireland Limited, Nomad www.whirelandcb.com
and Joint Broker
Mike Coe, Ed Allsopp Tel: 0117 945 3470
Hybridan LLP, Joint Broker www.hybridan.com
Claire Louise Noyce Tel: 020 3764 2341
This information is provided by RNS
The company news service from the London Stock Exchange
END
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May 14, 2018 02:00 ET (06:00 GMT)
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