20th Aug 2014 08:07
LONDON (Alliance News) - Health, safety, hygiene and environmental consultancy PHSC PLC Wednesday raised the final payment for its acquisition of QCS International Ltd, after the business performed well in the two years since it was bought.
PHSC paid a final amount of GBP105,285 on Wednesday, using cash from existing resources. The total cash payment made for the deal is now GBP425,285.
It bought QCS in July 2012, paying GBP320,000 combined on completion of the deal and including a first-anniversary payment. It also issued the vendors with 79,186 shares.
The share purchase agreement provided for a final payment of GBP80,000, but that was subject to variation depending on a formula that compared earnings before interest, tax, depreciation and amortisation at completion with the average performance over the following two years. That meant a GBP25,285 top-up was required.
Reporting its full year results in May, PHSC said operating profit and revenue had both increased on the back of acquisitions, including QCS International and B to B Links Ltd.
PHSC shares last traded at 31.5 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
PHSC