News blog
Progility
- BY: Andrew Hore |
- POSTED: 30/12/2014 |
Project management services and training provider Progility has completed the acquisition of Unify Enterprise Communications.
Progility is paying €1m in cash for the India-based systems integrator specialising in communications infrastructure and services. The business will be refocused on reselling other companies’ products. Progility has a similar business in Australia.
In the year to September 2014, Mumbai-based Unify made a pre-tax profit of £1.1m on revenues of £19.9m. The change in strategy will cause short-term disruption to the business.
The cash for the acquisition comes from the issue of a further tranche of redeemable loan stock to a trust related to Progility boss Wayne Bos.
Progility is also acquiring the main subsidiary of ISDX-quoted Woodspeen Training Group for £400,000. There is also an inter-company loan of £300,000 that will be repaid to Woodspeen. This will take Progility’s ILX subsidiary into vocational training, such as pre-apprenticeship and apprenticeship provision. Woodspeen has facilities in Bournemouth, Bradford, Brighton, Halifax and Huddersfield.
Progility made an underlying profit of £1.66m in the year to June 2014, having made an underlying loss the previous year. A profit of £2.4m had been forecast for this year prior to the latest acquisitions.
At 7.88p a share, Progility is valued at £15.7m. The shares were trading on seven times prospective 2014-15 earnings.
AIM Journal December 2014 available.
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