News blog
Xpertise
- BY: Andrew Hore |
- POSTED: 23/07/2008 |
Xpertise will become the second largest UK IT training company after its purchase of Parity’s training business.
Xpertise is paying £4.775m for Parity Training, which will move it from third to second largest in the IT training market. It will be about two-thirds of the size of its largest rival.
A placing at 70p a share will raise £2.275m, or £1.675m after expenses. This will go towards the purchase price. Xpertise had £3m in the bank at the end of June. The market price of the shares rose 1p to 77p.
The combined group made pro-forma operating profits of around £1.2m on revenues of £40.9m in 2007. Xpertise believes costs will reduce by £1.25m because Parity Group won’t be recharging its central costs to the training company. It can also cut duplicated overheads by more than £500,000.
In the first half of 2008 Xpertise revenues were 11% higher at £11.8m. In contrast, Parity Training’s revenues have been disappointing this year.
The company’s directors are all taking up shares in the placing and the board will increase its total stake in Xpertise from 15.52% to 17.51%.
The deal is classed as a reverse takeover and it is expected to take place on 29 August.
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