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Marlowe acquires FSE Fire Safety Systems
2nd Dec 2019 09:41
(Sharecast News) - Specialist services group Marlowe said it had acquired Nottingham-based outfit FSE Fire Safety Systems for an initial £2.4m.
FSE, founded in 2005, provides a range of fire safety and security services nationally - with a large base of customers in the East Midlands area.
In the year to August 31, FSE generated revenues of £4.3m and adjusted pre-tax profits of £600,000. Net assets were £1.2m.
The AIM-listed group said there would also be an extra £0.2m contingent cash earn-out as part of the deal. The acquisition will be funded from Marlowe's existing cash resources.
As of 0940 GMT, Marlowe shares were untraded at 442.40p.
FSE, founded in 2005, provides a range of fire safety and security services nationally - with a large base of customers in the East Midlands area.
In the year to August 31, FSE generated revenues of £4.3m and adjusted pre-tax profits of £600,000. Net assets were £1.2m.
The AIM-listed group said there would also be an extra £0.2m contingent cash earn-out as part of the deal. The acquisition will be funded from Marlowe's existing cash resources.
As of 0940 GMT, Marlowe shares were untraded at 442.40p.