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Armour Group

  • BY: Andrew Hore |
  • POSTED: 30/10/2013 |

Home and in-car entertainment products supplier Armour Group has acquired Sweden-based 12 Volt Sverge for 250,000.

Armour has been conserving cash so the fact it is spending money on acquisitions suggests the business is on a firmer footing. Net debt is 7.1m.

The acquired business supplies in-car entertainment systems to the Swedish vehicle aftermarket and an exclusive two-and-a-half year distribution deal has been signed with Alpine.  The business will be integrated with the existing Swedish operations. The acquisition should add 750,000 to revenues and 80,000 to profit in a full year. The deal should be earnings enhancing for this year.

House broker finnCap believes that Armour broke even in the year to August 2013. A profit of 500,000 is forecast for the current financial year, with a nine month contribution from the acquisition, and the business should generate cash.

At 5.63p a share, Armour is valued at 5.5m equivalent to 14 times prospective earnings.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2013_49.pdf

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