(Alliance News) - Brickability Group PLC on Friday said it has completed its acquisition of roofing products distributor McCann Roofing Products Ltd.
The construction materials firm said it paid around GBP2.8 million in cash to satisfy the purchase, with the entire amount taken from its existing cash resources. It added the acquisition is expected to be immediately earnings-accretive.
For 2019, McCann posted pretax profit of GBP700,000 on revenue of GBP8.2 million.
"This is exactly the sort of acquisition we set out to make when we listed: the right price with strong management, great performance and a strong business model that fits the Brickability mould. We look forward to welcoming the McCann team and working with them to keep growing the group, diversifying our product range and increasing our distribution footprint," said Brickability Chief Executive Alan Simpson.
The Bridgend, Wales-based firm listed in August, raising GBP57 million. It floated at 65 pence a share. The stock was trading flat at 74.00 pence each on Friday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Brickability Group (BRCK)