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Marlowe upgrades earnings guidance; makes three bolt-on acquisitons
StockMarketWire.com
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Safety company investor Marlowe said it expected its annual results to beat current market forecasts.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the year through March were anticipated to be in excess of £28 million, the company said in a trading update.
Marlow said trading in the second half was strong, and that it also delivered further margin expansion and strong underlying cash generation.
'Reflecting the impact of recent acquisitions, current group run rate adjusted EBITDA is approximately £39 million,' it added.
'The new financial year has started well, with significant demand experienced across all business units in April.'
'The integration programmes of all acquisitions made during the year remain on track with synergies in line with expectations.'
'Our pipeline of earnings-enhancing acquisitions remains well developed.'
Separately, Marlow announced three bolt-on acquisitions: Integral Occupational Health, Agriteck Solutions and the assets of One Price Fire Protection.
Integral, an occupational health provider based in Glasgow, was acquired for £2.4 million, comprising £2.2 million upfront and a deferred element of £0.2 million.
Agriteck, a water treatment business, and the assets of One Price, a fire safety business, were acquired for a combined expected enterprise value of £0.6 million.
Story provided by StockMarketWire.com
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