21st Dec 2006 09:45
Davis Service Group PLC21 December 2006 FOR IMMEDIATE RELEASE 21 December 2006 DAVIS SERVICE GROUP PLC ACQUISITIONS UPDATE The Davis Service Group plc (the "Group"), through its Berendsen subsidiary inGermany, yesterday signed an agreement to purchase the textile service businessof the Permaclean group, primarily providing garment rental services. Theacquisition is an important step in building a national garment rental businessin Germany. The acquisition is subject to clearances and is expected to completein January 2007. With Permaclean, the Group's total acquisition spend (actual and committed) in2006 amounts to £84 million. Historic annualised sales relating to theseacquired companies were £64 million. We expect to deliver good returns fromthese acquisitions once they are integrated into our business. Overall, theseacquisitions are expected to be earnings enhancing (before any one off costs andamortisation of intangible assets) in the financial year ending 31 December 2007(note 1). Roger Dye, Chief Executive of Davis, said: ''We are pleased that we have been able to continue with the programme ofacquisitions through 2006. The Permaclean acquisition is especially pleasing asan important step in achieving a national workwear business of real scale inGermany'' For further information contact: Davis Service Group Financial DynamicsRoger Dye Chief Executive Richard Mountain/Harriet KeenKevin Quinn Finance Director Telephone 020 7269 7291Telephone 020 7259 6663 Note 1. This statement should not be interpreted to mean that earnings pershare (before any one off costs and amortisation of intangible assets) willnecessarily be greater than those for the relevant preceding financial period. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Berendsen