Avingtrans PLC
02 June 2004
Avingtrans plc
Acquisition
2 June 2004
Acquisition of Crown (UK) Limited ('Crown') by Avingtrans plc ('Avingtrans') for
£1.56 million.
Avingtrans announces that it has acquired 100% of Crown for a consideration of
£1.56 million payable in cash. Crown, which is based in Portishead, Bristol,
designs and manufactures housing and stands for roadside speed cameras and
gantry and trackside poles for railway signalling.
Crown's audited accounts for the year to December 2003 disclosed turnover of
£2.80 million and pre-tax profits of £614,000. Crown had net assets of £835,000
as at 31 December 2003. At completion, Crown had cash balances of approximately
£250,000.
Avingtrans financed the acquisition of Crown from new debt facilities provided
by HSBC and from internal resources.
Chairman, Ken Baker, commented:
'I am delighted that we have been able to complete this acquisition. We have
high hopes for this business and expect that the two major sectors that Crown
serves, roadside speed camera stands and housing and trackside stands for
signalling equipment, will continue to offer exciting growth prospects.'
Contacts:
Avingtrans plc 01159 499020
Ken Baker, Executive Chairman
Steve Lawrence, Chief Executive
Bridgewell Limited 020 7003 3000
Greg Aldridge
This information is provided by RNS
The company news service from the London Stock Exchange
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