6th Sep 2013 08:11
LONDON (Alliance News) - Matchtech Group PLC said Friday that it had acquired Application Services Limited, which trades as Provanis, a technology recruitment business for GBP4.0 million.
The acquisition was paid for from the company's existing lending facility. For the year ended March 31, Provanis had an operating profit of GBP1 million, with revenue of GBP14.5 million and net fee income of GBP2 million, Matchtech said, adding it expects Provanis's financial performance to be cash generative and accretive to its operating margin and earnings.
Matchtech is a recruitment company focused on specialist engineering and technology. Its shares were trading up 420.00 pence, up 3.50p, following news of the acquisition Friday morning.
Brokerage Numis Securities Limited said the deal positively diversifies Matchtech's end-market opportunities, raising its target price in response to 544 pence from 510p, with a Buy recommendation.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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