8th Jan 2019 08:15
LONDON (Alliance News) - James Fisher & Sons PLC on Tuesday said it has acquired Martek Holdings Ltd, for an initial GBP9.0 million.
Separately, James Fisher said it has bought a 60% stake in Murjan Al-Sharq for Marine Contracting LLC.
The FTSE 250-listed engineering services company purchased marine equipment manufacturer Martek for GBP9.0 million, with a potential further consideration of up to GBP1.0 million, depending on Martek achieving a certain profit target for the year to the end of February 2020.
Unaudited profit after tax for Martek in its financial year ending 2018 was GBP1.8 million.
"The acquisition of Martek further enhances James Fisher's capability to offer innovative solutions to the marine sector and provides a proven channel to market for the group's adjacent products and services," said James Fisher Chief Executive Nick Henry.
In addition, James Fisher paid GBP4.1 million in cash for a holding in marine construction and maintenance services provider Murjan Al-Sharq. James Fisher will pay a further up to GBP4.5 million, subject to profit targets for 2019.
Audited profit after tax of Murjan Al-Sharq for 2017 was GBP1.4 million.
Shares were down 0.7% in early trade Tuesday at 1,738.00 pence each.
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