8 Aug 2016 07:00
Bilby Plc ("Bilby" or the "Group")
Payment of Additional Cash Consideration
Bilby Plc (AIM: BILB.L), the holding company for P&R Installation Company Limited, Purdy Contracts Limited, Spokemead Maintenance Limited ("Spokemead"), and DCB (Kent) Limited, a group of companies that provide gas heating, electrical and building services, is pleased to announce that Spokemead has met its earn out performance conditions for the year ended 30 June 2016.
Additional Consideration
As a result of Spokemead achieving an adjusted profit before taxation of more than the target of £1,100,000 for the year ended 30 June 2016 and following the approval of the June 2016 management accounts, Bilby has paid an additional cash consideration of £1.0 million ("Additional Cash Consideration") to the Spokemead vendors.
Subsequent to the settlement of the Additional Cash Consideration noted above, further consideration of up to £1.5 million shall be paid subject to Spokemead achieving performance targets over the year ending 30 June 2017 and the period to 30 September 2018 ("Further Consideration") as detailed in the announcement released on 24 March 2016.
Enquiries:
Bilby Plc 020 8269 3777
Phil Copolo, Deputy Executive Chairman
Katie O'Reilly, Finance Director
Panmure Gordon 020 7886 2500
(Nominated Adviser and Broker)
Dominic Morley
James Greenwood
Hudson Sandler 020 7796 4133
(Financial PR)
Charlie Jack
Emily Dillon