25 Jan 2019 07:00
APC TECHNOLOGY GROUP PLC
("APC" or the "Company" or the "Group")
Posting of Annual Report and Accounts, notice of AGM, recent acquisition and trading update
The Board of APC, which provides design, specification and distribution of specialist electronic products and components, announces that the Company's Annual Report and Accounts 2018, together with the Notice of Annual General Meeting, has been posted to those shareholders requiring hard copies. It is also now available on the Group's website at http://apcplc.com/investor-relations/apc-financial-reports/
The Annual General Meeting of the Company will be held on Friday 22 February 2019 at 11.00 a.m. at the offices of the Company's auditors, RSM UK Audit LLP, 25 Farringdon Street, London EC4A 4AB.
Acquisition of Wavelength Electronics
The Board is pleased to announce that the Group has acquired 100% of the share capital of Wavelength Electronics Limited ("Wavelength"), whose principal activity is acting as a premium distributor and representative for electronic component manufacturers. This acquisition adds further complementary product lines to the Group offering.
The net consideration consisted of £494,000, to be satisfied in cash, payable one third on completion, one third in 12 monthly instalments and the balance 12 months from completion. In the year to 31 December 2018, Wavelength had gross profit of £472,000. It is expected that adjusted EBITDA, once fully integrated into the Group, will be in the region of £175,000.
Wavelength Electronics has more than 25 years' experience as a representative of electronic component manufacturers. Operating in similar market sectors to the core APC and Aspen components businesses, Wavelength represents a group of well known manufacturers of components and systems for applications including high reliability, power control and conversion, RF and microwave interconnect, man machine interfaces and sensing. These manufacturers include industry-leading brands such as Q-Tech, Corning Dubilier, State of the Art, Astrodyne, Presidio and Vanguard. These additional product lines will enhance the Group's abilty to sell into the UK's high reliability industries, including Space.
The business has been built by the Managing Director, Paul Glover who will remain with the business in a consultancy capacity. Wavelength has a highly experienced team based in offices in Broadstairs and Didcot.
Trading update
The Board is pleased to confirm that trading to date for the current financial year to 31 August 2019 is in line with management expectations.
Richard Hodgson, Chief Executive of APC, commented:
"We are delighted to be able to confirm the acquisition of Wavelength Electronics, which brings another leading component distribution and representation business into the APC Group and is an exciting opportunity to further expand the range of products we sell within our specialist markets such as Space and to grow our customers base.
For APC this deal follows the successful acquisitions of First Byte Micro (now APC Locator) and Aspen Electronics in 2018 and positions us as one of the largest electronic distribution businesses in the UK, with unrivalled product, technical and sales experience. Our combined technical sales, marketing and customer-facing teams now total more than 50 staff and will provide our manufacturing partners with enhanced UK coverage to an expanded customer base."
Enquiries
APC Technology Group PLC +44 (0) 330 313 3220
Richard Hodgson, Chief Executive www.apcplc.com
Michael Thompson, Finance Director
Stockdale Securities Limited (Nominated Adviser and Broker) +44 (0)20 7601 6100
Mark Brown / Antonio Bossi / Rose Ramsden