Property manager HML Holdings is making the immediately earnings enhancing acquisition of a rival London-based lettings manager.
Residential Block Management Services will cost an initial £675,000 in cash with a performance-related retention payment of up to £169,000 payable 12 months after acquisition. The company manages more than 2,000 units in 160 blocks in south east London and it generated revenues of £803,000 in 2018.
House broker finnCap has not changed its forecast yet. It expects a 2017-18 pre-tax profit of £2.3m, but there will be little contribution from the acquisition in that period. At 31.5p, the shares are trading on seven times prospective 2018-19 earnings.
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