30th May 2007 07:05
Interior Services Group PLC30 May 2007 ISG EXTENDS ASIAN OPERATIONS WITH HONG KONG ACQUISITION Interior Services Group plc ("ISG"), the construction services specialist, hastoday announced that its wholly owned subsidiary ISG Asia Investment (Hong Kong)Limited has acquired Commtech Asia, a privately owned technical consultancy firmwith headquarters in Hong Kong. The consideration is HK$18 million (£1.2million), with twenty per cent being deferred and subject to the businesshitting certain profit targets. Commtech Asia is a specialist business that provides testing and commissioningmanagement services for mechanical and electrical systems to major owners andoccupiers of commercial buildings across the APAC region. ISG Asia has a longstanding working relationship with Commtech Asia and has worked on a number ofcomplex commercial development projects together. This acquisition is part of ISG Asia's ongoing strategy to expand the range anddepth of services it provides to its customer base. Commtech Asia has a networkof offices in four of the major Asian financial centres: Hong Kong, Singapore,Tokyo and Sydney. Clients include many of the worlds leading financialinstitutions and other blue chip customers whose business operations rely onincreasingly sophisticated mechanical and electrical systems to support them.The acquisition of Commtech Asia will complement ISG Asia's current businessactivity and assist Commtech Asia in servicing its clients in the wider APACregion. In the year ended December 2006, Commtech Asia reported a consolidated turnoverof HK$15 million (£1.0 million). The business reported a consolidated net profitof HK$3.3 million (£0.2 million). Senior management has agreed to stay on withthe business following the completion of the acquisition. David Lawther, Chief Executive of ISG commented, " We are delighted to announce this bolt-on acquisition to our Asian operations.We are keen to extend the range of services we offer in the Asia region.Commtech Asia's upstream position in the mechanical and electrical consultancybusiness will complement our strategy and provide competitive advantage. Thebusiness has an excellent reputation and the quality of its work is first rate. " Asia is a major growing market for the group. Many of our clients, for whom wehave managed large complex projects in Europe, are expanding in Asia and thereare many opportunities for us to support them. The future for our operations inthe region is very encouraging." - ends - Date: 30 May 2007 For further information please contact: Interior Services Group PLC David Lawther, Chief Executive 020 7392 5307Jonathan Houlton, Group Finance Director 020 7392 4905Web: www.isgplc.com cityPROFILE Simon Courtenay 020 7448 3244William Attwell 020 7448 3240 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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