News blog
Strontium
- BY: Andrew Hore |
- POSTED: 10/03/2008 |
Professional services provider Strontium has acquired a training business.
The Learning Edge, provides training and consultancy services to the automotive sector. Clients include BMW, Toyota and QinetiQ.
Strontium has a market research business which has Toyota as a client. It also has an existing training operation but that specialises in management training for doctors.
TLE made profits after tax of £264,000 on turnover of £1.06m in the year to June 2007.
This is a significant sized acquisition for Strontium. It will pay an initial £1m - £600,000 in cash and the reset in shares at 24.5p each. The shares issued for TLE are equivalent to 12.2% of the enlarged share capital of Strontium. It could pay up to £1.45m more depending on TLE’s performance over the next three years to March 2011.
Strontium lost money last year but this acquisition, and full year contributions from past acquisitions, should help it move into profit, or at least near to it, in the year to June 2008.
Strontium raised £630,000 before expenses via a placing at 24p a share last November. It already had £651,000 in the bank at the end of June 2007.
TLE will be come a member of the Strontium Alliance, which is a collection of businesses who can gain from referrals to other members’ customers. This includes all of Strontium’s subsidiaries.
The shares were unchanged at 22.5p.
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