Hill & Smith Hldgs PLC Acquisition (1341E)
July 14 2016 - 2:00AM
UK Regulatory
TIDMHILS
RNS Number : 1341E
Hill & Smith Hldgs PLC
14 July 2016
14 July 2016
Hill & Smith Holdings PLC
Acquisition of Technocover Limited
Hill & Smith Holdings PLC ('Hill & Smith' or 'the
Group'), the international group with leading positions in the
supply of infrastructure products and galvanizing services to
global markets, today announces that it has completed the
acquisition of Technocover Limited ("Technocover") for a total cash
consideration of GBP10.0m, on a debt and cash free basis (the
"Acquisition"). The consideration will be funded from the Group's
existing bank facilities.
Based in the UK, Technocover was a subsidiary of Ensor Holdings
PLC and specialises in the development, manufacture, installation
and maintenance of high security access products for the utilities
markets. In the year to 31 March 2016, Technocover recorded
turnover of GBP14.7m, operating profit of GBP1.5m (before Ensor
Holdings PLC group charges), and had net operating assets, on a
debt and cash free basis of GBP3.7m. The Acquisition is expected to
be earnings enhancing to the Group in the first full financial year
following the Acquisition.
Derek Muir, Group Chief Executive, commented: "Technocover has
an excellent reputation for quality and service and will benefit
from being part of the Group's UK Utilities division."
- Ends -
Cautionary Statement
This announcement contains forward looking statements which are
made in good faith based on the information available at the time
of its approval. It is believed that the expectations reflected in
these statements are reasonable but they may be affected by a
number of risks and uncertainties that are inherent in any forward
looking statement which could cause actual results to differ
materially from those currently anticipated. Nothing in this
document should be regarded as a profits forecast nor should it be
taken to mean that earnings per share of Hill & Smith in the
year ending 31 December 2016, or in future years, will necessarily
match or exceed the Group's historical earnings per share.
For further information, please contact:
Hill & Smith Holdings PLC
Derek Muir, Group Chief Executive Tel: +44 (0)121 704 7430
Mark Pegler, Group Finance Director
MHP Communications
John Olsen/Andrew Leach/Ollie Hoare Tel: +44 (0)20 3128 8100
Notes to Editors
Hill & Smith Holdings PLC is an international group with
leading positions in the design, manufacture and supply of
infrastructure products and galvanizing services to global markets.
It serves its customers from facilities principally in the UK,
France, USA, Thailand, Sweden, Norway, India and Australia.
The Group's operations are organised into three main business
segments:
Infrastructure Products - Utilities, supplying products and
services such as pipe supports for the power and liquid natural gas
markets, energy grid components, "GRP" railway platforms and flood
prevention barriers, plastic drainage pipes, industrial flooring,
handrails, access covers and security fencing.
Infrastructure Products - Roads, supplying products and services
such as permanent and temporary road safety barriers, street
lighting columns, bridge parapets, gantries, temporary car parks,
variable road messaging solutions and traffic data collection
systems.
Galvanizing Services which provides zinc and other coatings for
a wide range of products including fencing, lighting columns,
structural steel work, bridges, agricultural and other products for
the infrastructure and construction markets.
Headquartered in the UK and quoted on the London Stock Exchange
(LSE: HILS.L), Hill & Smith Holdings PLC employs some 4,000
staff across 55 sites, principally in 8 countries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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