ILX ILX

TIDMILX TIDMIDOX

RNS Number : 7586H

ILX Group PLC

25 June 2013

25 June 2013

ILX Group PLC

("ILX" or the "Group")

Acquisition of TFPL Limited

ILX Group plc (AIM: ILX), the e-learning software and business training company, is pleased to announce the conditional acquisition (the "Acquisition") of TFPL Limited ("TFPL"), a recruitment, training and consulting business, from Idox plc (AIM: IDOX) for a maximum consideration of GBP0.6 million.

Specialising in the knowledge, information and data management industries, TFPL provides executive search, managed services and the placement of permanent, interim and contract personnel into the public and private sectors. Since its establishment in 1985, the company has developed a strong brand and reputation in its marketplace.

In the year ended 31 October 2012, TFPL generated revenues of GBP2.5 million and a gross profit of GBP1.3 million. After operating charges and restructuring costs, the pre-tax loss in that period was GBP35,000. Net liabilities as at 31 October 2012 were GBP0.29 million.

The consideration for the Acquisition comprises an upfront payment of GBP0.3 million, deferred consideration of GBP50,000 payable if TFPL's net fee income for the year to 31 October 2013 reaches GBP1.05 million, and a single earn-out payment of up to GBP0.25 million payable in full if TFPL's net fee income exceeds GBP1.3 million in the 12 months to 30 June 2014. All consideration is payable in cash.

Wayne Bos, Executive Chairman of ILX, said: "This is a small but strategic acquisition for ILX, which complements both our training and consultancy activities. ILX trains thousands of project managers every year - a significant resource, which TFPL with its recruitment sector skills and other capabilities will be able to leverage to the benefit of both the Group and our customers."

- ends -

 
 For further information, please contact: 
 
 ILX Group plc 
 Wayne Bos, Executive Chairman                Tel: 020 7751 7100 
 John McIntosh, Finance Director 
 
 SPARK Advisory Partners Limited (Nominated 
  Advisor) 
 Mark Brady                                   Tel: 020 3368 3551 
 Sean Wyndham-Quin                            Tel: 020 3368 3555 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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