Aggregated Micro Power Holdings PLC Acquisition (7481P)
September 04 2017 - 7:55AM
UK Regulatory
TIDMAMPH
RNS Number : 7481P
Aggregated Micro Power Holdings PLC
04 September 2017
Aggregated Micro Power Holdings plc
("AMP", the "Group" or the "Company")
Acquisition of wood pellet assets and customer base from CPL
Distribution Limited
Aggregated Micro Power Holdings plc (AIM: AMPH), a distributed
energy company specialising in the sale of wood fuels and the
financing and installation of distributed energy projects including
biomass boiler ESCOs (Energy Supply Contracts), stand by power
generation and battery storage facilities, is pleased to announce
that it has today completed the acquisition of the wood pellet
assets and customer base of CPL Distribution Limited ("CPL") for
cash consideration of GBP485,000, to be financed from AMP's
existing cash resources (the "Acquisition").
In the year ended 31 March 2017, CPL's wood pellet customer base
delivered revenue of GBP5.1 million (unaudited). AMP is acquiring a
customer base and assets which have been part of CPL's wider fuels
distribution business. In AMP's audited results for the year ended
31 March 2017, the wood fuel operating segment, Forest Fuels,
reported revenue of GBP15.8 million and profit from operations of
GBP426,000; on a historical pro forma basis, an additional GBP5.1
million of turnover would equate to an additional profit from
operations of GBP137,500. No statement in this announcement is
intended to be a profit forecast or estimate and no statement in
this announcement should be interpreted to mean that earnings per
share of the Company for the current or future financial years
would necessarily match or exceed the historical published earnings
per share of the Company. In addition to the customer base, the
assets acquired relate to vehicles and machinery. Eight members of
CPL staff are joining AMP.
Richard Burrell, Chief Executive of Aggregated Micro Power
Holdings plc, said:
"CPL has built a strong and well-regarded business in the wood
pellet market in England over the last five years, with
approximately 1,200 customers. The Acquisition is in line with
AMP's strategy to expand Forest Fuels with strategic in-fill
acquisitions to build on its existing customer base in the wood
fuels market."
Contacts
Aggregated Micro Power Holdings plc 020 7382 7800
Neil Eckert, Executive Chairman
Richard Burrell, CEO
Helene Crook, Investor Relations
Haggie Partners
Peter Rigby / Brian Norris 020 7562 4444
finnCap Ltd
Ed Frisby/Simon Hicks (Corporate Finance) 020 7220 0500
Stephen Norcross (Corporate Broking) 020 7220 0513
About Aggregated Micro Power Holdings plc
The AMP Group was established to develop, own and operate
renewable energy generating facilities. It specialises in the sale
of wood fuels and in the installation of distributed energy
projects. AMP's wholly owned subsidiary Forest Fuels sells high
quality wood chip and wood pellet to end customers throughout the
UK, while its projects division installs biomass boiler and biomass
CHP systems for a wide range of applications and customers. AMP is
also active in developing projects for stand-by power generation
and battery storage facilities which aim to balance the
transmission grid at times of peak demand. www.ampplc.co.uk
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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