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(Alliance News) - Marlowe PLC on Monday said it has acquired Managed Occupational Health Ltd for an enterprise value of up to GBP3 million.
Marlowe provides specialist services which assure safety and regulatory compliance.
Managed Occupational Health is a national provider of occupational health services. For the year to the end of October 2019, it generated revenue of GBP4.0 million and pretax profit of GBP600,000.
Marlowe explained the total enterprise value will comprise an initial cash consideration of GBP1.8 million and a contingent consideration of up to GBP1.2 million over three years dependent on the achievement of profit targets. The acquisition will be funded from the company's existing cash and debt facilities, it said.
"In acquiring Managed Occupational Health, we are continuing to scale Marlowe's leading health and safety operations and extending our capabilities to work with clients across the full spectrum of their compliance needs. The business operates nationally in an attractive and underserved market in which we see significant growth opportunities," said Chief Executive Alex Dacre.
AIM-listed Marlowe shares were trading 6.3% lower in London on Monday at 419.08 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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