26th Sep 2016 12:35
LONDON (Alliance News) - Tax Systems PLC on Monday said it believes its prospects remain strong following its acquisition of corporation tax software supplier Tax Computer Systems Ltd in July.
The company, formerly Eco City Vehicles PLC, was an investing company during the half year to the end of June. Following the half year it completed the acquisition of Tax Computer Systems, and changed its name to Tax Systems.
For the first half of 2016, Tax Systems reported a pretax loss of GBP478,000, compared to a loss of GBP225,000 the prior year, as it conducted due diligence on the acquisition during the period.
It acquired Tax Computer Systems for GBP73.0 million, funded through existing cash, GBP30.0 million of new debt and GBP45.0 million raised in a share placing.
Shares in Tax Systems were untraded Monday at 74.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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