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Marlowe PLC - London-based safety & compliance services firm - Says it raised GBP40 million through the placing of 8.4 million shares at 478 pence each, launched Friday. Following admission, it will have 50.5 million shares overall. In addition, revenue for its year to the end of March rose 44% to GBP185.4 million, driven by a combination of strong new business sales, improved customer retention and successes with the its cross-selling strategy. Marlowe expects adjusted earnings before interest, taxes, depreciation, and amortization of GBP16.6 million , up 51% year-on-year. It said, while Covid-19 hurt its operations, it has started to see some improvements and it expects site access to return to pre-Covid levels during July and August. Separately, Marlowe said it has acquired Elogbooks - a provider of contractor management software & services - for up to GBP14.1 million with the amount including an earn-out of up to GBP4.9 million and management rollover of GBP1.8 million. The company's buy represents next step in strategy to deliver integrated technology and services to enhance the compliance, safety & upkeep of its clients' premises.
Current stock price: 493.00 pence
Year-to-date change: down 2.9%
By Ife Taiwo; ifetaiwo@alliancenews.com
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