Payment of Additional Cash Consideration

RNS Number : 4609G

Bilby PLC

08 August 2016

 

Bilby Plc ("Bilby" or the "Group")

Payment of Additional Cash Consideration

Bilby Plc (AIM: BILB.L),  the holding company for P&R Installation Company Limited, Purdy Contracts Limited, Spokemead Maintenance Limited ("Spokemead"), and DCB (Kent) Limited, a group of companies that provide gas heating, electrical and building services, is pleased to announce that Spokemead has met its earn out performance conditions for the year ended 30 June 2016.

Additional Consideration

As a result of Spokemead achieving an adjusted profit before taxation of more than the target of £1,100,000 for the year ended 30 June 2016 and following the approval of the June 2016 management accounts, Bilby has paid an additional cash consideration of £1.0 million ("Additional Cash Consideration") to the Spokemead vendors.

Subsequent to the settlement of the Additional Cash Consideration noted above, further consideration of up to £1.5 million shall be paid subject to Spokemead achieving performance targets over the year ending 30 June 2017 and the period to 30 September 2018 ("Further Consideration") as detailed in the announcement released on 24 March 2016.

Enquiries:

Bilby Plc                                                                                                         020 8269 3777

Phil Copolo, Deputy Executive Chairman

Katie O'Reilly, Finance Director

Panmure Gordon                                                                                             020 7886 2500

(Nominated Adviser and Broker)

Dominic Morley

James Greenwood

Hudson Sandler                                                                                               020 7796 4133

(Financial PR)

Charlie Jack

Emily Dillon

 

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