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1 Feb 2016 07:00
Renew Holdings plc
("Renew" or the "Group")
Acquisition
Renew (AIM: RNWH), the Engineering Services Group supporting UK infrastructure, announces the acquisition of Nuclear Decontamination Services Limited ("NDSL"), a small specialist nuclear services business operating at Sellafield and at other UK nuclear installations. Following the acquisition these specialist services will be provided through Shepley Engineers Ltd ("Shepley").
For the year ended 31 January 2015, NDSL recorded revenue of £188k and a profit before taxation of £105k from which the directors drew £82k in dividends. The acquisition cost is expected to be c. £235,000 payable in cash of which £200k represents goodwill with the balance representing working capital. The final consideration will be determined from completion accounts to be prepared in due course. The whole consideration will be paid from Renew's existing cash resources.
By acquiring the complementary skills of NDSL, Shepley will be able to offer an expanded range of services at the nuclear sites where it operates. The acquisition follows on from those of PPS Electrical Ltd in 2006 and Mothersill Engineering Ltd in 2009 which broadened the capabilities of Renew's integrated offering and have contributed to the strong growth of Renew's nuclear services business over the last ten years. This acquisition enhances Shepley's ability to deliver on the recently awarded ten year £500m Decommissioning Delivery Partnership framework for Sellafield Ltd.
Enquiries:
Renew Holdings plc | Tel: 0113 281 4200 |
Brian May, Chief Executive |
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John Samuel, Group Finance Director |
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Numis Securities Limited | Tel: 020 7260 1000 |
Stuart Skinner (Nominated Adviser) |
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James Serjeant (Corporate Broker) |
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Walbrook PR | Tel: 020 7933 8780 or renew@walbrookpr.com |
Paul McManus | Mob: 07980 541 893 |
Lianne Cawthorne | Mob: 07584 391 303 |
About Renew Holdings plc
Engineering Services, which accounts for 85% of Group revenue and 90% of operating profit, focuses on the key markets of Energy (including Nuclear), Environmental and Infrastructure, which are largely governed by regulation and benefit from non-discretionary spend with long-term visibility of committed funding.
Specialist Building focuses on the High Quality Residential market in London and the Home Counties.
For more information please visit the Renew Holdings plc website: www.renewholdings.com
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