Last checked at 9 Nov 2023 07:00
9th November 2023
Galliford Try Holdings plc ("Galliford Try")
Acquisition of AVRS Systems Limited
Galliford Try is pleased to announce that it has acquired AVRS Systems Limited (AVRS), a specialist mechanical, electrical, instrumentation, control and automation (MEICA) design and build contractor to the water and energy sectors for a total consideration of up to £7.0m.
Established in 1972, AVRS delivers specialist MEICA design and build solutions. In the water sector they have long term frameworks with key water sector clients as well as the Coal Authority and MoD, with operations being very closely aligned to Galliford Try's existing business. In the energy sector AVRS have long term client relationships providing in-house design, supply, installation and commissioning of MEICA. AVRS is an excellent fit with Galliford Try and the acquisition is a continuation of our previously disclosed strategy relating to the development of adjacent markets, as set out in our Sustainable Growth Strategy.
AVRS' capabilities are complementary to the operations of Galliford Try's expanding Environment business and will accelerate the growth of our asset optimisation and capital maintenance strategy. AVRS operates out of premises in Cumbria, Middlesborough and Warwickshire, and has c.95 employees.
The initial acquisition consideration of £4.5m will be financed from Galliford Try's existing cash resources.
Commenting on the acquisition, Bill Hocking, Chief Executive of Galliford Try, said:
"I am delighted to welcome AVRS to Galliford Try. We have said that we will continue to consider bolt-on acquisitions to accelerate our strategy and this acquisition increases our capabilities in the Environment business and bolsters the Group's capital maintenance credentials. AVRS brings highly complementary skills into the Group which will further advance our Sustainable Growth Strategy."
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of those regulations.
For further information please contact:
Galliford Try Holdings plc ? ? Tel: +44 (0)18 9585 5001
Bill Hocking, Chief Executive
Andrew Duxbury, Finance Director
Kevin Corbett, General Counsel & Company Secretary
Peel Hunt LLP Tel: +44 (0)20 7418 8900
Ed Allsopp
Charlie Batten
Ben Harrington
Panmure Gordon (UK) Limited ? Tel: +44 (0)20 7886 2500
Tom Scrivens, Corporate Broking
Sam Elder, Corporate Broking
James Sinclair-Ford, Corporate Advisory
Teneo Tel: +44 (0)20 7260 2700
James Macey White
Additional information
The acquisition of AVRS constitutes a Class 2 transaction for the purposes of the UK Financial Conduct Authority's Listing Rules.
For the year ended 30 September 2022, AVRS generated revenue of £7.9m and profit before tax of £1.3m. The gross assets of AVRS as at the same date were £3.8m.
More information on AVRS can be found on its website at www.avrssystems.co.uk
The person responsible for making this announcement on behalf of Galliford Try is Kevin Corbett, General Counsel & Company Secretary.
Note to Editors
Galliford Try is a leading UK construction group listed on the London Stock Exchange. Operating as Galliford Try and Morrison Construction, the Group carries out building and infrastructure projects with clients in the public, private and regulated sectors across the UK.
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