APC Technology Share News (APC)

(Alliance News) - APC Technology Group PLC said Wednesday it has acquired electronic components distributor and reseller Euro-Tech (Export) Ltd for GBP1.1 million.

Shares in electronic components distribution and design-in services provider APC were up 4.8% at 9.96 pence on Wednesday.

Around 50% of the payment will be made on completion of the acquisition, 25% in monthly instalments and another 25% 12 months after completion.

Euro-Tech's products and services are expected to be complementary to APC's Locator business, it said, and will increase the group's ability to source hard-to-find or obsolete and end-of-life components and products.

For the year to the end of April, Euro-Tech delivered adjusted earnings before interest, taxes, depreciation and amortisation of GBP200,000, on revenue of GBP2.2 million.

"As we reported in our recent interim results, our strategy is built on three main growth drivers: growth through increased bookings from our existing technologies; growth through the signing of new complementary product lines; and growth through targeted bolt-on acquisitions," said APC Chief Executive Richard Hodgson.

"Combining Euro-Tech's capabilities alongside our APC Locator business will provide a significant boost to our offering in the growing market for the sourcing of hard to find and obsolete electronic components and products," Hodgson added.