Marlowe PLC Acquisition Hadrian Technology Limited (9338N)

TIDMMRL

RNS Number : 9338N

Marlowe PLC

04 February 2021

4 February 2021

Marlowe plc

Acquisition Hadrian Technology Limited

Marlowe plc ("Marlowe" or the "Group"), the UK leader in business critical services and software which assure safety and regulatory compliance, announces that it has acquired Hadrian Technology Limited ("HTL") for an expected enterprise value of GBP3.8 million.

HTL, founded in 1999, is a leading provider of CCTV and loss prevention technology solutions across the UK and Ireland. Hadrian implements CCTV solutions, operating software, digital cloud-based storage and ongoing maintenance primarily to clients in the supermarket sector across the UK.

For the year to 31 July 2019, HTL generated revenues of GBP4.0 million and had net assets of GBP3.3 million with profit margins expected to be in line with the Group's fire safety & security activities. The total enterprise value will comprise an upfront cash consideration of GBP2.0 million and a contingent consideration which is expected to be approximately GBP1.8 million over four years dependent on the achievement of profit targets. The acquisition will be funded from Marlowe's existing cash resources.

For further information:

 
 Marlowe plc                          www.marloweplc.com 
 Alex Dacre, Chief Executive          Tel: +44 (0) 203 841 
                                       6194 
 Mark Adams, Group Finance Director   IR@marloweplc.com 
 
 Cenkos Securities plc (Nominated Adviser and Broker) 
 Nicholas Wells                       Tel: +44 (0)20 7397 
                                       8900 
 Ben Jeynes 
 FTI Consulting 
 Nick Hasell                          Tel: +44 (0)20 3727 
                                       1340 
 Alex Le May

About Marlowe plc

Marlowe is a UK leader in business-critical services and software which assure safety and regulatory compliance. The company was formed to create sustainable shareholder value through the acquisition and development of businesses that provide regulated safety and compliance services. It is focused on health & safety, compliance software, employment law & HR compliance, fire safety, security, water treatment & air hygiene and occupational health services - all of which are vital to the wellbeing of its customers operations and are invariably governed by regulation. Marlowe currently provides services to over 15% of Britain's commercial premises and is increasingly attractive to customers who require a single outsourced, nationwide, provider of a comprehensive range of regulated compliance and safety services. Our customers can be found in most office complexes, high streets & leisure facilities, manufacturing plants and industrial estates, and include thousands of SMEs, local authorities, facilities management providers, multi-site NHS trusts and FTSE 100 companies.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQEANADEFFFEFA

(END) Dow Jones Newswires

February 04, 2021 02:00 ET (07:00 GMT)

Marlowe (LSE:MRL)
Historical Stock Chart
From Jun 2024 to Jul 2024