Renew Holdings PLC Acquisition (5173N)
01 Février 2016 - 8:00AM
UK Regulatory
TIDMRNWH
RNS Number : 5173N
Renew Holdings PLC
01 February 2016
Renew Holdings plc
("Renew" or the "Group")
Acquisition
Renew (AIM: RNWH), the Engineering Services Group supporting UK
infrastructure, announces the acquisition of Nuclear
Decontamination Services Limited ("NDSL"), a small specialist
nuclear services business operating at Sellafield and at other UK
nuclear installations. Following the acquisition these specialist
services will be provided through Shepley Engineers Ltd
("Shepley").
For the year ended 31 January 2015, NDSL recorded revenue of
GBP188k and a profit before taxation of GBP105k from which the
directors drew GBP82k in dividends. The acquisition cost is
expected to be c. GBP235,000 payable in cash of which GBP200k
represents goodwill with the balance representing working capital.
The final consideration will be determined from completion accounts
to be prepared in due course. The whole consideration will be paid
from Renew's existing cash resources.
By acquiring the complementary skills of NDSL, Shepley will be
able to offer an expanded range of services at the nuclear sites
where it operates. The acquisition follows on from those of PPS
Electrical Ltd in 2006 and Mothersill Engineering Ltd in 2009 which
broadened the capabilities of Renew's integrated offering and have
contributed to the strong growth of Renew's nuclear services
business over the last ten years. This acquisition enhances
Shepley's ability to deliver on the recently awarded ten year
GBP500m Decommissioning Delivery Partnership framework for
Sellafield Ltd.
Enquiries:
Renew Holdings plc Tel: 0113 281 4200
Brian May, Chief Executive
John Samuel, Group Finance
Director
Numis Securities Limited Tel: 020 7260 1000
Stuart Skinner (Nominated
Adviser)
James Serjeant (Corporate
Broker)
Walbrook PR Tel: 020 7933 8780 or renew@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
About Renew Holdings plc
Engineering Services, which accounts for 85% of Group revenue
and 90% of operating profit, focuses on the key markets of Energy
(including Nuclear), Environmental and Infrastructure, which are
largely governed by regulation and benefit from non-discretionary
spend with long-term visibility of committed funding.
Specialist Building focuses on the High Quality Residential
market in London and the Home Counties.
For more information please visit the Renew Holdings plc
website: www.renewholdings.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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