17th Jul 2024 10:39
Mitie Group PLC - Glasgow-based facilities management - Buys Scunthorpe, Lincolnshire-based ESM Power Ltd for up to GBP8.5 million, including a GBP5.5 million initial payment and performance linked payments of up to GBP3 million over the next two years. Founded in 2002, ESM designs and maintains high-voltage power connections to local authorities, commercial developments and power generation sites. In the financial year that ended April 30, ESM recorded GBP2.2 million in earnings before interest, tax, depreciation and amortisation on GBP25.5 million in revenue. It employs 60 engineers and installers.
The acquisition will financed from existing facilities, Mitie says, and it will increase the company's expertise in a growing high-voltage power connections market.
Current stock price: 119.20 pence, down 0.2% on Wednesday morning in London
12-month change: up 21%
By Tom Waite, Alliance News editor
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