22 Mar 2011 07:00
22 March 2011
HML Holdings plc
("HML" or "the Group")
Acquisition and trading update
HML Holdings plc (AIM: HMLH), a leading provider of property management, insurance and ancillary services to residential property blocks, today announces the acquisition of a block property management business (the "Acquisition") from Philip A Chapman ("PAC"), the lettings and estate agency. The consideration comprises an initial cash payment of £68,000 from existing Group resources followed by an additional £6,800 payable on the Acquisition achieving certain revenue retention targets at the end of the first year.
The Acquisition, which currently provides property management services to approx. 350 block units across the south of Kent, has in recent years generated annual revenues of approx. £70,000 and is expected to contribute immediately to HML's earnings. Based in Hythe, near Folkestone in Kent, the acquisition will be integrated into HML Anderton's Maidstone office.
The Group also announces that trading for the year to 31 March 2011 is in line with market expectations.
Commenting on the acquisition, Rob Plumb, Chief Executive of HML, said:
"Philip A Chapman's block property management portfolio is an excellent fit for our expanding operations in Kent. Following this acquisition and the establishment of a new office in West Malling, near Maidstone, last October, the Group is now in an excellent position to expand in the local area without compromising our ability to provide a personal and local service."
For further information, please contact:
HML Holdings plc
Robert Plumb, Chief Executive Officer
James Howgego, Finance Director Tel: 020 8439 8529
FinnCap
Ed Frisby/Charlotte Stranner Tel: 020 7600 1658
Tavistock Communications Group
Jeremy Carey/James Verstringhe Tel: 020 7920 3150