Van Elle Holdings PLC - Nottinghamshire, England-based geotechnical engineering contractor - Acquires helical piling and steel modular foundations company ScrewFast Foundations Ltd for GBP3.7 million. Notes an initial consideration of GBP1.8 million cash is payable on completion, with deferred consideration of up to GBP1.9 million payable in August 2023. Says the acquisition will provide new clients and market opportunities in the power and telecoms sectors.
"ScrewFast has an established client base and proven track record of highly specialist services and will support the group in the delivery of its medium-term strategic objectives. We continue to be encouraged by the group's progress, with expectations for the year unchanged from those set out in January. Whilst we remain cautious, given that the recovery in some of our markets is still at an early stage, we are very confident that the group is well positioned to benefit from the continued execution of our growth strategy," says Chief Executive Mark Cutler.
Current stock price: 42.94 pence, up 10% on Thursday
Year-to-date change: down 1.2%
By Zoe Wickens; zoewickens@alliancenews.com
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Van Elle (VANL)