News blog
HML Holdings
- BY: Andrew Hore |
- POSTED: 07/11/2011 |
Property management services provider HML Holdings is paying £1.9m for the business of Scotts of Putney which will boost earnings per share.
This deal will be partly funded by a £300,000 placing at 10.5p a share. Chief executive Rob Plumb bought 50,000 shares and finance director James Howgego acquired 400,000 shares. At 11.5p a share, HML is valued at £3.7m before the placing and acquisition. The acquisition will be earnings enhancing with £400,000 of the consideration deferred and payable over three years.
House broker finnCap has increased its 2012-13 earnings per share forecast by 40% to 2.1p a share. The shares are trading on less than six times forecast 2012-13 earnings.
Scotts was established in 1976 and it has similar operations to HML. The two offices in Putney will be retained and the brand will become HML Scotts. HML already has an operation in Richmond.
In 2010, Scotts made an underlying profit of £300,000 on revenues of £1.8m.
In the six months to September 2011, HML improved its revenues from £4.69m to £4.95m. Pre-tax profit moved ahead from £194,000 to £246,000.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2011_25.pdf
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