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Spiritel

  • BY: Andrew Hore |
  • POSTED: 05/08/2008 |

Spiritel is paying up to £3m for ED Communications.

ED provides telecoms network services to more than 700 corporate customers. In 2007, ED had revenues of £2.1m. It also has tax losses of £5m. This is Spiritel’s sixth acquisition in two years and it expects to make overhead savings on ED.  The acquisition should be earnings enhancing from day one.

Spiritel will pay £800,000 immediately and then £500,000 over a two year period. There will be performance related payments of up to £1.7m depending on the performance of the company up until September 2009.

Shares in Spiritel rose 0.025p to 1.925p, which values the company at £10.7m.

Prior to the latest acquisition Spiritel was expected to report profits of £1.6m in the year to April 2009. That values the shares at less than seven times prospective earnings. 

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