Acquisition Hadrian Technology Limited

RNS Number : 9338N

Marlowe PLC

04 February 2021

 

4 February 2021

Marlowe plc

Acquisition Hadrian Technology Limited

Marlowe plc ("Marlowe" or the "Group"), the UK leader in business critical services and software which assure safety and regulatory compliance, announces that it has acquired Hadrian Technology Limited ("HTL") for an expected enterprise value of £3.8 million.

HTL, founded in 1999, is a leading provider of CCTV and loss prevention technology solutions across the UK and Ireland. Hadrian implements CCTV solutions, operating software, digital cloud-based storage and ongoing maintenance primarily to clients in the supermarket sector across the UK.

For the year to 31 July 2019, HTL generated revenues of £4.0 million and had net assets of £3.3 million with profit margins expected to be in line with the Group's fire safety & security activities. The total enterprise value will comprise an upfront cash consideration of £2.0 million and a contingent consideration which is expected to be approximately £1.8 million over four years dependent on the achievement of profit targets. The acquisition will be funded from Marlowe's existing cash resources.

For further information:

Marlowe plc	www.marloweplc.com
Alex Dacre, Chief Executive	Tel: [phone]
Mark Adams, Group Finance Director	[e-mail]
Cenkos Securities plc (Nominated Adviser and Broker)
Nicholas Wells	Tel: [phone]
Ben Jeynes
FTI Consulting
Nick Hasell	Tel: [phone]
Alex Le May

About Marlowe plc

Marlowe is a UK leader in business-critical services and software which assure safety and regulatory compliance. The company was formed to create sustainable shareholder value through the acquisition and development of businesses that provide regulated safety and compliance services. It is focused on health & safety, compliance software, employment law & HR compliance, fire safety, security, water treatment & air hygiene and occupational health services - all of which are vital to the wellbeing of its customers operations and are invariably governed by regulation. Marlowe currently provides services to over 15% of Britain's commercial premises and is increasingly attractive to customers who require a single outsourced, nationwide, provider of a comprehensive range of regulated compliance and safety services. Our customers can be found in most office complexes, high streets & leisure facilities, manufacturing plants and industrial estates, and include thousands of SMEs, local authorities, facilities management providers, multi-site NHS trusts and FTSE 100 companies.

 

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