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Don't have an account? Click here to register.UPDATE: Brulines Eyes More Forecourt Buys In FY11
Wed, 09th Jun 2010 12:10
(Adds executive comments, share price.) By Rachael Gormley Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Brulines Group PLC (BRU.LN), which provides real-time monitoring systems and data management services for the U.K. leisure sector and gasoline forecourts, Wednesday said it plans more acquisitions in the current fiscal year after it bought a fuel pump verification firm. "We're trying to develop an end-to-end product suite for fuel operators on petrol forecasts," Chief Executive James Dickson told Dow Jones Newswires, adding that it wanted to create a "bundle" of competitive services like alarms, gauge monitoring and tank maintenance. Leicestershire, England-based Retail & Forecourt Solutions Ltd. is being acquired in cash and is made up of an initial earn-out of four times earnings before interest, taxes, depreciation and amortization, or Ebitda, to July 31. There is also a further payment of 3.5 times Ebitda for the year ending July 31, 2011, less any consideration already paid, and the acquisition is expected to add to earnings from the beginning. The acquisition comes after talks with AIM-listed electronic payment company Universe Group PLC (UNG.LN) finally ended late May. Brulines made a preliminary approach regarding a potential offer in September and now has a stake of almost 12% in the firm, which it plans to keep. Back in December, Brulines said it hadn't reached agreement for it to carry out due diligence on Universe. In contrast to the forecourt division, Dickson said Brulines plans to grow its offering to the leisure sector organically, with products like its i-draught system that allows pub licensees to monitor the quality and yield of beer served and collects data to help them manage wastage. Overall, he predicted "modest growth" for Brulines in the current fiscal, with its Vianet business expected to move into profitability. "The biggest caveat on our outlook is what the U.K. economy is going to look like in six to 12 months," he added. Brulines also Wednesday reported its fiscal 2010 results. For the year ended March 31, Brulines posted pretax profit of GBP4 million, compared with GBP4.6 million a year earlier. Revenue increased to GBP19.8 million from GBP19 million, and the company said it will pay a final dividend of 2.24 pence a share. This takes the total for the year to 5.5 pence a share, up from 5.35 pence last year. At 1051 GMT, shares were up 0.5 pence, or 0.4%, at 119 pence. The wider AIM index was up 0.03%. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com (END) Dow Jones Newswires June 09, 2010 07:10 ET (11:10 GMT)
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