CMO Cmo Group Plc

RNS No 7889f
COMINO PLC
6th October 1997
                               
COMINO PLC ANNOUNCES FIRST MAJOR ACQUISITION SINCE FLOTATION

Comino  plc, the holding company of three specialist  computer
software companies, has announced its first acquisition  since
joining AIM in April this year.

The  Board  has  entered  into an  agreement  to  acquire  the
business,  assets and certain liabilities of Excelsis  Limited
('Excelsis')  for  a total consideration not  exceeding  #2.25
million,  to  be satisfied by the issue of 1,030,928  ordinary
shares  in Comino plc and the balance in cash.  The  value  of
the  fixed  and net current assets being acquired is #860,000.
Context  Computers  Limited ('Context'), the  largest  trading
subsidiary  of  Comino  plc,  supplying  application  software
solutions  to  housing associations and local authorities  for
the  management of their clients and properties,  operates  in
the   same   market   as  Excelsis  and   will   also   assume
responsibility   for   Excelsis's   obligations   under    its
maintenance  and support contracts valued in  total  at  #1.07
million.  The acquisition is conditional upon admission of the
consideration  shares to trading on AIM which is  expected  to
become   effective  on  7  October  1997.   The   final   cash
consideration will be determined by completion accounts to  be
prepared as at 30 September 1997.  The mid market share  price
of  Comino  plc at the close of business on 29 September  1997
was 150.5p, valuing the consideration shares at #1.55 million.
The  Vendors of Excelsis have undertaken not to dispose of any
of the consideration shares prior to the publication of Comino
plc's interim results for the period ending 30 September 1998.

Excelsis,   which   has   been  one  of  Context's   principal
competitors,  currently has 124 customers  of  which  100  are
housing  associations,  20 are local  authorities  and  4  are
customers  managing  commercial  property  portfolios.    This
compares to Context's customer base of 65 housing associations
and  5  local authorities at the time of the Group's flotation
in April 1997.

Excelsis  currently provides its services to a  larger  target
market  than  Context enabling the enlarged Group  to  provide
solutions  to  all  housing associations with  more  than  500
properties  compared to Context's existing  target  market  of
associations with 1,000 to 20,000 properties.  The acquisition
will also increase Context's local authority client base to 25
out of an estimated market of 300.

Excelsis  achieved turnover of #4.2 million in the year  ended
31  December 1996 which resulted in a loss before taxation  of
#66,000.  All 82 employees of Excelsis will be retained in the
enlarged company.  There are substantial synergies between the
two  companies  including a strong technical  fit.   All  four
existing  directors of Excelsis will be joining the  board  of
Context which will now be chaired by Richard Newby, Excelsis's
current  Chief Executive.  The Board anticipates some  benefit
in  the  current  year  although  the  full  benefits  of  the
acquisition  will be reflected in the Group's  financial  year
commencing 1 April 1998.

For further information contact:

Garth Selvey - Chief Executive
Comino plc
Tel  01628 525433

Shirley Whiting
Citigate Communications Ltd
Tel  0113 297 9899


END



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