WTM.L Regulatory News (WTM)

7 Apr 2005 07:00

Waterman Group PLC07 April 2005 WATERMAN GROWTH CONTINUES WITH WELSH ACQUISITION Waterman Group plc ("Waterman"), one of the UK's leading multi-disciplinaryengineering and environmental consultancies, is pleased to announce that it hascompleted the acquisition of the entire share capital of Quadrant Consulting Ltd("Quadrant"), a consulting engineer specialising in the design and management ofcivil and structural engineering projects, based in Cardiff. This acquisition ispart of Waterman's strategy of investing in sectors and regions that willdeliver long term growth. Founded in 1996, Quadrant is a leading independent civil and structuralengineering consultant which has established a wide-ranging client base in Walesand the South West of England. The company will be renamed Waterman QuadrantLimited and the current managing director, Alan Wilkinson, will be appointed tothe new subsidiary board. Two Waterman directors, John Waiting and GrahamHiscocks will also be appointed to the new subsidiary board. In the year ended 31 August 2004, Quadrant made a profit before tax of £82,000before tax on a turnover of £831,000. Results for the seven months ended 31March 2005 are expected to be in line with last year and the forward order bookis healthy. As at 31 March 2005, Quadrant had net assets of £50,000 subject tonet asset value adjustment. Total consideration for the acquisition comprises the aggregate of: •an initial consideration of £250,000 to be satisfied in cash and £40,000 by theissue of 38,835 new Waterman ordinary shares of 10p each; and •a deferred consideration up to a maximum of £50,000 which will be payable incash subject to a net asset value adjustment and the recoverability of tradedebtors. The synergy between Quadrant and Waterman brings benefits to both companies andprovides for a major expansion of services and client base in Wales and theSouth West. Quadrant's high quality team will assist in consolidating theregional consultancy through working closely with existing Waterman offices inBristol and Cirencester. Quadrant has strong relationships with public and private sector clients in thearea and is currently working on a number of prestigious residential, retail andinfrastructure projects which include: • North Dock, Llanelli - a £10m regeneration scheme for the dockland area in the former industrial heartland of Llanelli, South Wales. The scheme is part of a £50m coastal regeneration scheme promoted by Carmarthenshire County Council and the Welsh Development Agency. • Matrix Park, Swansea - a quality commercial development for Liberty Properties plc. It will provide 150,000 sq ft of office accommodation adjacent to the River Tawe near Swansea. • Swansea Point, Swansea - a £15m mixed community development for Persimmon Homes (Wales). The development is located on a reclaimed former industrial site and is part of Swansea Waterfront. Bob Campbell, Managing Director of Waterman said: " I am delighted to announce this acquisition. Waterman Group has a strongcommitment to providing a comprehensive consultancy service to its clientsthroughout the UK. In acquiring Quadrant we have secured the services of arespected high quality team that will assist in our strategy of expansion inthis important and vibrant market." Application will be made for the 38,835 new shares to be issued pursuant to theconsideration for the acquisition to be admitted to the Official List of the UKListing Authority and to trading on the London Stock Exchange. Admission isexpected to become effective on 14 April 2005 -ends-Date: 7 April 2005 For further information contact: Waterman Group plc City ProfileBob Campbell, Managing Director Oliver WintersGraham Hiscocks, Finance Director 020-7448-3244020-7928-7888 web: www.waterman-group.co.uk This information is provided by RNS The company news service from the London Stock Exchange