Roebuck Food Regulatory News (RFG)

1 Feb 2007 08:23

RDF Group PLC01 February 2007 1 February 2007 RDF Group PLC Acquisition of Aqua Resources Group Limited RDF Group PLC, the IT services company, with offices in Brighton, Bristol,Edinburgh and London, announces today the acquisition of Aqua Resources GroupLimited ("Aqua") for a total cash consideration of £200,000. Of thisconsideration, £150,000 is to be paid on completion with the balance beingsettled in two equal instalments over the following 6 months. Aqua has a number of key contracts for the provision of contract and permanentIT staff to major UK financial services companies. The Company was founded in2003 and has grown to have 15 full time employees and 60 contractors working onits behalf for clients, which include Lloyds TSB, Visa EU, Barclaycard and FirstData International. In the year to 31 August 2006, Aqua had unaudited revenuesof £1.975m and an operating loss of £76,000 with net liabilities of £318,000. Inthe four months to 31 December 2006, its management accounts show revenues of£1.985m and an operating loss of £24,000, with net liabilities of £400,000. The acquisition of Aqua is expected to provide the Group with greater marketpenetration and resourcing capabilities within the IT contracting and permanentemployee placement market. RDF is confident that there are also wideropportunities within the Aqua client base for the delivery of higher valueservices. The Directors believe that they can achieve cost synergies of at least£300,000 per year by 2008. It is also anticipated that the acquisition will beearnings enhancing following its first full year of ownership. David Wood, Chief Executive, said:- "This is a very exciting time for the Group and a significant milestone in ourdevelopment. RDF is committed to continuous growth and we are very pleased tohave concluded this, our first, acquisition. I have known the management andmany of the staff at Aqua for a long time. I am confident that their abilities,together with our own considerable strengths, people and product portfolio, willmake us an even stronger team." Editor's Notes Founded in 1994, RDF Group plc is a company dedicated to providing high qualitymanaged IT services and recruitment services to their growing portfolio of bothlocal businesses and blue chip clients. From a standing start, the companycurrently has a turnover in excess of £20 million and has more than doubled itsturnover in the most recent trading year. RDF currently has a staff of over 300across the UK, including 120 in Brighton. RDF also provides IT recruitment services for high value contract and permanentstaff for clients. Clients include Northern Rock, National Australia Group, SkyTV and a large number of other blue chip companies, many of whom have beenclients of RDF for several years and have gradually increased the value of theircontracts to substantial levels with the Group. In 2006, RDF has opened new offices in Bristol and London, whilst investingfurther in their Head Office in Brighton and regional development centre inLivingston, near Edinburgh. For further information on the RDF Group visit www.rdfgroup.com or telephone01273 200100. This information is provided by RNS The company news service from the London Stock Exchange