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(Sharecast News) - Construction materials distributor Brickability has acquired European haulage and logistics provider McCann.
Brickability will pay a total of £1.75m for McCann, which operates a fleet of over 100 trailers, tautliners and flatbeds, and offers European haulage and freight service, UK nationwide road haulage and express logistics.
The AIM-listed group also stated that the acquisition of McCann was aligned with the strategy set out at the time of its IPO to identify opportunities to acquire services and products complementary to its existing offer.
Chief executive Alan Simpson said: "This is a significant deal for Brickability. By bringing McCann into the group we are securing our supply lines and reducing the risk of Brexit-related delays to logistics and haulage post 1 January.
"The team continues to identify and evaluate opportunities to deliver the IPO promise, retaining its focus on diversification and expansion."
As of 1000 GMT, Brickability shares were up 3.33% at 54.25p.
21 Jul 2022 14:33
IN BRIEF: Brickability sees full-year profit surge on acquisitions
Brickability Group PLC - Bridgend, Wales-based construction materials distributor - Pretax profit surges 64% to GBP18.4 million in the year ended March 31 from GBP11.2 million the year before. Revenue more than doubles to GBP520.2 million from GBP181.1 million. Attributes the growth to contributions from acquisitions and good trading momentum. Proposes final dividend of 2.04 pence per share, giving a total dividend of 3.00p. This reflects a 54% increase from the total payout of 1.95p a year prior. Believes it is well positioned to modestly exceed current full year market expectations in financial 2023.
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