9th Aug 2007 09:26
9th August, 2007 Daily Mail and General Trust plc (`DMGT') DMGT acquires portfolio of UK job web sites
Associated Newspapers, the national newspaper division of DMGT, announces the acquisition of JobsGroup.net, which operates a portfolio of successful niche job boards, including JustEngineers.net, JustConstruction.net, and JustRail.net, for approximately ‚£10 million plus a three year earn-out. The acquisition will form part of the Associated Northcliffe Digital (AND) network of online assets.
In the current financial year to 30 September 2007 the business has demonstrated impressive growth and is on course to deliver revenue of approximately ‚£2 million, up from ‚£1.1 million last year. JobsGroup.net achieves high operating margins and we expect the acquisition to be earnings enhancing before amortisation in the current year.
JobsGroup.net will continue to be run by its current management team, working as part of the wider online recruitment division of AND (headed up by Jobsite). The JobsGroup.net portfolio of sites will retain their brand names and will also look to establish partnerships with other DMGT assets as appropriate.
Andrew Hart, managing director, AND, commented: "We are delighted to complete the acquisition of JobsGroup.net, which we believe effectively complements our existing online recruitment activities. The management team at JobsGroup.net has established the business as a significant player across a number of niche verticals, whilst also delivering impressive financial growth."
Enquiries:
Richard Shamsi, Finance Director, AND, 020 7752 8655
Nicholas Jennings, Company Secretary, DMGT, 020 7938 6625
Andrew Honnor, Tulchan Communications, 020 7353 4200
Daily Mail and General Trust plc Northcliffe House, 2 Derry Street, London, W8 5TT Tel 020 7938 6000 Fax 020 7938 462 www.dmgt.co.uk Registered in England and Wales No. 184594
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