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Education Development International
- BY: Andrew Hore |
- POSTED: 19/11/2007 |
Education Development International’s latest acquisition is a Huddersfield-based vocational awards body that is more than five decades old.
EDI is paying up to £2.9m for ASET Group, which provides qualification services for colleges in Yorkshire and Humberside. It is an accredited awarding body. The further education college customer base fits well with EDI’s existing qualifications business. ASET also helps employers with training.
In the year to July 2007 ASET made operating profits of £70,000 on revenues of £2.23m.
Profits and revenues have been declining but recent changes to the business have helped it return to growth.
EDI is paying £800,000 in shares - at a price of 37.65p a share - and £1.7m in cash. The other £400,000 is dependent on the transfer of parts of the business and its performance.
The acquisition should be earnings enhancing in the year to September 2008 thanks to cost savings.
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