Calyx Group PLC
20 October 2005
FOR IMMEDIATE RELEASE 20 October 2005
Calyx Group plc
('Calyx')
Expanding the Irish network with a €1.28m acquisition
Calyx, the largest single-source providers of information and communication
technology ('ICT') network solutions throughout Ireland, today announces the
acquisition of QCL Technologies Ltd ('QCL'), the Cork based IT product and
services company for a total consideration of €1.283 million (£871,000) through
cash and shares. The initial consideration comprises 213,140 ordinary shares of
€0.10 each (valued at €200,000 (£136,000) based on yesterday's closing price of
64p) and €933,000 (£634,500) in cash. Further deferred consideration of up to
€150,000 (£102,000) is payable in cash upon the achievement of specific
performance criteria.
Established in 1988, QCL has grown steadily to become a leading Irish computer
services company focused on providing a broad range of services from initial
definition of IT requirements through planning, implementation, sourcing,
commissioning, training, system support and maintenance. For each customer QCL
provide complete hardware solutions as well as off-the-shelf business software
and customised software. QCL also have a Field Service Department supporting
their customers' IT systems and networks.
QCL's customer base covers all industry sectors including: retail,
pharmaceutical, engineering, transport and local authority, and include The
A.S.A. Marketing Group; and QUMAS - the Global leader in the development and
delivery of software solutions. QCL also has strong supplier relationships with
leading computer hardware and software suppliers including Hewlett Packard;
Cisco Systems and 3Com.
For the year ended August 2005 QCL had audited revenues of €3.95 million (£2.68
million) with a loss before tax of €782 (£532) and net asserts of €215,000
(£146,000). Under the terms of the acquisition all QCL operations will be moved
into Calyx's new state-of-the-art offices in Airport East Business Park. General
Manager Jack Casey will join Calyx in a senior management role and there are no
anticipated job losses with the acquisition. The acquisition is expected to be
earnings enhancing for the year ending 31 December 2006.
Maurice Healy, Chief Executive of Calyx, commenting on the acquisition said;
'QCL brings a strong 17 year track record as well as good long-term client
relationships within the industry which fits well with the established Calyx
business brand. They also have a broad range of clients which will now be served
by the expanding Calyx group. The businesses are very similar and so integration
will be swift and remains in line with the strategic objectives we set out in
March when we floated on AIM.'
-ENDS-
For further details please contact:
Calyx Group plc Tel: +353 1 676 3363
Maurice Healy, Chief Executive
Buchanan Communications Tel: +44 (0)20 7466 5000
Tim Thompson / James Strong
This information is provided by RNS
The company news service from the London Stock Exchange
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