singapore last year1 Aug 2016 14:14
01 June 2015
RED24 PLC
(the "Group", "Company" or "red24")
Acquisition
red24, the crisis assistance company, is pleased to announce that it has today exchanged contracts with Michael Haughey for the acquisition by red24 of RISQ Worldwide Pte. Ltd. ("RISQ Worldwide") for an initial consideration of 550,000 Singaporean Dollars ("SGD") (c. £267,000) and up to a further SGD 1million (c. £485,000) depending on the financial performance of RISQ Worldwide during the years ended 30 June 2016 and 30 June 2017.
RISQ Worldwide has been established for 8 years, with offices in Singapore and Hong Kong. The company specialises in corporate investigations, business intelligence, employment background screening and bribery act compliance as well as risk solutions for high net worth individuals. Michael Haughey heads RISQ Worldwide and he has 30 years' experience in investigations and risk management. Going forward Michael will head the red24 business in Asia and the global corporate investigations practice. In RISQ's last audited financial year to 30 June 2014, RISQ Worldwide had revenues of SGD 1.4million (c. £679,000), net liabilities of SGD 574,423 (c. £279,000) and made an operating loss of SGD 350,664 (c. £170,134). The current financial year to date has seen an improvement in trading with an increase in revenue and a return to profitability. RISQ Worldwide has secured a number of contracts with blue chip clients in recent months which should further enhance earnings.
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