Last checked at 16 Nov 2018 07:00
Halma, the leading safety, health and environmental technology group, today announces the acquisition of Navtech Radar Ltd., a provider of innovative radar surveillance and safety solutions for use in highway monitoring, perimeter security and industrial applications [see Note 1].
Navtech is based in Wantage, Oxfordshire, and will become part of the Group's Infrastructure Safety Sector. The existing management team will remain with the business.
The initial cash consideration is £21 million on a cash- and debt-free basis, funded from Halma's existing facilities. Further earn-out considerations, capped at a total of £18 million, are payable in cash, dependent on profit growth in each of the three financial years to the end of March 2021. Navtech's revenue in the year to 31 March 2018 was £6.2 million and the acquisition is expected to be immediately earnings enhancing.
Andrew Williams, Halma's Chief Executive, commented:
"Navtech is an exciting addition to our Infrastructure Safety business and builds on our existing strengths in sensing vehicles, people and assets for safety and control applications. It has valuable IP in radar-based hardware and software solutions and also adds a new presence in the fast growing highway and critical infrastructure safety market niches. As well as adding these new capabilities to the Group, I am confident that Navtech will benefit from all of Halma's strategic Growth Enablers, including International Expansion and Digital Growth, to accelerate and sustain growth in the future."
For further information, please contact:
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Halma plc |
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Andrew Williams, Chief Executive | Switchboard: +44 (0)1494 721111 |
Marc Ronchetti, Chief Financial Officer |
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Charles King, Head of Investor Relations | Mobile: +44 (0)7776 685948 |
MHP Communications |
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Rachel Hirst/ Andrew Jaques | +44 (0)20 3128 8100 |
About Halma
Halma is a global group of life-saving technology companies, focused on creating a safer, cleaner and healthier future for people worldwide. Our innovative products and solutions address many of the key issues facing the world today. We operate in four sectors: Process Safety, Infrastructure Safety, Medical and Environmental & Analysis. We employ over 6,000 people in 20 countries, with major operations in Europe, the USA and Asia-Pacific. We target global niche markets where sustainable growth and high returns are supported by long-term drivers. Halma is listed on the London Stock Exchange and has been a member of the FTSE 100 index since December 2017.
Notes
1. Global demand in the highway market is increasing rapidly, driven by governments' focus on reducing road incidents by regulation mandating automated incident detection in road tunnels and by the new challenges created by smart motorways. In critical infrastructure, Navtech is addressing the increasing need for innovative, cost-effective and highly secure perimeter protection.
Further information on Navtech can be found on its website www.navtechradar.com
2. This statement is not intended to constitute a profit forecast for the current financial period or for any future period. In addition, this statement should not be taken to mean that the earnings per share of Halma will necessarily match or exceed the historic reported earnings per share of Halma.
3. Halma results for the half year to 30 September 2018 will be issued on 20 November 2018.