RDF Group PLC
01 February 2007
1 February 2007
RDF Group PLC
Acquisition of Aqua Resources Group Limited
RDF Group PLC, the IT services company, with offices in Brighton, Bristol,
Edinburgh and London, announces today the acquisition of Aqua Resources Group
Limited ('Aqua') for a total cash consideration of £200,000. Of this
consideration, £150,000 is to be paid on completion with the balance being
settled in two equal instalments over the following 6 months.
Aqua has a number of key contracts for the provision of contract and permanent
IT staff to major UK financial services companies. The Company was founded in
2003 and has grown to have 15 full time employees and 60 contractors working on
its behalf for clients, which include Lloyds TSB, Visa EU, Barclaycard and First
Data International. In the year to 31 August 2006, Aqua had unaudited revenues
of £1.975m and an operating loss of £76,000 with net liabilities of £318,000. In
the four months to 31 December 2006, its management accounts show revenues of
£1.985m and an operating loss of £24,000, with net liabilities of £400,000.
The acquisition of Aqua is expected to provide the Group with greater market
penetration and resourcing capabilities within the IT contracting and permanent
employee placement market. RDF is confident that there are also wider
opportunities within the Aqua client base for the delivery of higher value
services. The Directors believe that they can achieve cost synergies of at least
£300,000 per year by 2008. It is also anticipated that the acquisition will be
earnings enhancing following its first full year of ownership.
David Wood, Chief Executive, said:-
'This is a very exciting time for the Group and a significant milestone in our
development. RDF is committed to continuous growth and we are very pleased to
have concluded this, our first, acquisition. I have known the management and
many of the staff at Aqua for a long time. I am confident that their abilities,
together with our own considerable strengths, people and product portfolio, will
make us an even stronger team.'
Editor's Notes
Founded in 1994, RDF Group plc is a company dedicated to providing high quality
managed IT services and recruitment services to their growing portfolio of both
local businesses and blue chip clients. From a standing start, the company
currently has a turnover in excess of £20 million and has more than doubled its
turnover in the most recent trading year. RDF currently has a staff of over 300
across the UK, including 120 in Brighton.
RDF also provides IT recruitment services for high value contract and permanent
staff for clients. Clients include Northern Rock, National Australia Group, Sky
TV and a large number of other blue chip companies, many of whom have been
clients of RDF for several years and have gradually increased the value of their
contracts to substantial levels with the Group.
In 2006, RDF has opened new offices in Bristol and London, whilst investing
further in their Head Office in Brighton and regional development centre in
Livingston, near Edinburgh.
For further information on the RDF Group visit www.rdfgroup.com or telephone
01273 200100.
This information is provided by RNS
The company news service from the London Stock Exchange
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