Acquisition of Proteus Software for up to ?1.9m

RNS Number : 1021Z

Sanderson Group PLC

08 December 2014

 



FOR IMMEDIATE RELEASE                                                          8 DECEMBER 2014

SANDERSON GROUP PLC

Acquisition of provider of specialist warehouse management software

Sanderson Group plc ('Sanderson' or 'the Group'), the software and IT services business specialising in multi-channel retail and manufacturing markets in the UK and Ireland, announces that on 5 December 2014, it completed the acquisition of Proteus Software Limited ('Proteus') for a maximum consideration of £1,900,000.  The consideration is payable in cash and comprises of an initial payment of £1,400,000 on completion and a deferred consideration of up to £500,000 (being payable in 2016) depending upon certain performance criteria being met in the twelve-month period to 5 December 2015.

Proteus, which is based in Birmingham, provides warehouse management solutions to businesses operating in the areas of third party logistics, warehouse management and supply chain distribution.  For the year ended 30 September 2014, Proteus reported audited revenue of £1.98 million and a loss before taxation of £3,000.  Net assets at 30 September 2014 were £0.59 million and at the date of acquisition, Proteus had net assets of approximately £600,000, of which just over £400,000 was cash.

Commenting on the acquisition, Christopher Winn, Chairman, said:
"Proteus is a complementary acquisition for Sanderson and the Proteus products and customers will complement the Group's own products, services and customers within its multi-channel retail and manufacturing businesses.  We are delighted to welcome the Proteus team to Sanderson and we look forward to working together to further develop the business in the future.  The Group continues to consider acquisition opportunities as they arise, but the Board intends to maintain its cautious approach and to focus upon delivering organic growth, generating cash and maintaining a strong balance sheet."

Enquiries

Sanderson Group plc                                                                                     0333 123 1400

Christopher Winn, Chairman

Adrian Frost, Finance Director

Ian Newcombe, Managing Director, Sanderson Multi-Channel Solutions Limited

Charles Stanley Securities                                                                              020 7149 6000

Nominated Advisor 

Mark Taylor

Winningtons Financial                                                                                    0117 985 8989

Paul Vann                                                                                                 or 07768 807631

 

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