Mr Padgett, 30, was previously Finance Manager of GTL. He is a Chartered Accountant, and was formerly Corporate Finance Manager for Walkers Chartered Accountants in Middlesborough.
Supporta says trading for 5 months to Aug 2005 in line
AFX
LONDON (AFX) - Supporta PLC, a provider of outsourced services to the public sector, said trading for the five months to August 2005 are in line with its business plan.
'The forward order book and contracted revenue for the group currently stands at 53.1 mln stg compared with approximately 13 mln in September 2004,' it said.
The order book for Supporta Care is 40.4 mln stg compared with 37.6 mln at the time of the preliminary results in September 2005 and 4 mln stg in September 2004.
In Supporta Property Services, the company said the acquisition of Roger P Dudley Ltd has been successfully integrated into Supporta and that cash generation at this business is exceeding initial management expectations.
Supporta Services has contracted revenue of 10 mln stg, up from 9 mln as at September 2004. The group said it is looking to widen the range of services offered in this division through organic growth and via acquisitions.
'Each of the divisions is performing in line with our expectations and have demonstrated growth even during a period of significant change for the group,' said chairman John Jasper.
The group will announce its interim results for the period to end September 2005 on Nov 22.
I went to the company zone to tried to see what info is available on this company - to find absolutely none.... If anyone from money-am see's this post, could you let me know why?
LONDON (AFX) - Supporta PLC said it agreed to buy Independent Living Organisation Ltd, a domiciliary care business operating mainly in the east of England, for as much as 6.55 mln stg.
Supporta also said current year trading is in line with market expectations.
An initial sum of 4.875 mln stg will be funded via a vendor placing of 6.17 mln new shares at 79 pence each. Supporta is also raising 1.975 mln stg through the issue of 2.5 mln new shares also at 79 pence a share to fund the acquisition and provide additional working capital.
It may also pay deferred payment of up to 1.675 mln stg for ILO.
ILO has an order book of 16 mln stg. In the year to end September, ILO reported a pretax profit of 703,188 stg on sales of 7.5 mln stg, and an adjusted pretax profit of 750,352 stg after adjusting for non-recurring items.
The acquisition of ILO provides Supporta with the opportunity to extend its
geographical footprint in the south and east of England and expands the range of
services provided to local authorities including live-in care services, it said.
'The care market is undergoing a period of consolidation and we intend to position ourselves at the forefront of this process,' said chief executive Stephen Padgett.
'Our growth strategy continues to be through organic growth in conjunction with strategic acquisitions,' he added.