Last checked at 20 Oct 2017 07:00
20 October 2017
Marlowe plc
Half Year Trading Update
Marlowe plc ("Marlowe" or "the Group"), the support services group focused on acquiring and developing companies that provide critical asset maintenance services, today issues a trading update for the six months ended 30 September 2017.
Trading in the first six months of the financial year was in line with our expectations.
Both divisions, Fire Protection & Security and Water Treatment & Air Hygiene performed well, with the integration of the four acquisitions completed in the period proceeding to plan and synergies in line with those anticipated on acquisition. The Group continues to benefit from increased awareness of the requirement for the high standard of maintenance that is needed to comply with health & safety laws and regulations, along with a focus on cross-selling across our business streams.
The acquisition of Ductclean UK, which added the complementary activity of Air Hygiene to the Group, was completed in July, and the business has traded well following acquisition.
Net cash at 30 September is expected to be in the region of £3.1m and the Group remains well positioned to continue its acquisition-led growth strategy.
The Group's Interim Results will be released on 11 December 2017.
For further information please contact:
Marlowe plc | www.marloweplc.com |
Alex Dacre, Chief Executive | Tel: +44 (0) 203 813 8498 |
| IR@marloweplc.com |
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Cenkos Securities plc (Nominated Adviser and Broker) |
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Nicholas Wells | Tel: +44 (0)20 7397 8900 |
Elizabeth Bowman |
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FTI Consulting |
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Nick Hasell | Tel: +44 (0)20 3727 1340 |
Alex Le May |
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About Marlowe plc
Marlowe is an AIM-listed company formed to create sustainable shareholder value through the acquisition and development of businesses that provide critical asset maintenance services in the UK. It is focused on fire protection, security systems, water treatment and air hygiene services - which are essential to its customers' operations and invariably governed by regulation, and where customers require a single specialist outsourced provider with nationwide coverage. Our customers can be found on most high streets, in office complexes and industrial estates, and include SMEs, local authorities, facilities management providers, multi-site NHS trusts and FTSE 100 companies.