Wednesday, 1 July 2015
Trifast plc
("Trifast" or "Group" or the "Company")
Viterie Italia Centrale SPA ('VIC')
Deferred consideration
On 30 May 2014, Trifast acquired the entire issued capital stock of VIC for an initial consideration of €27.00 million (£22.02m), satisfied by way of €24.15 million (30 May 2014: £19.65m) in cash and €2.85 million (30 May 2014: £2.37 million) by the issue and allotment of 3,000,000 ordinary shares of 5 pence each in the Company. Under the terms of the acquisition, a further payment of up to €5.00 million would become due to the vendors subject to the achievement of certain performance conditions in VIC for the 12-month period ended 31 December 2014.
As reported in the Group's preliminary results announced on 16 June 2015, in the ten months to 31 March 2015 VIC has exceeded Trifast's expectations producing revenue of £19.57m and an underlying operating profit of £4.43m, representing a very respectable 22.6% underlying operating profit margin. This strong performance has triggered the maximum adjusted post-tax profit earn out, detailed in the Acquisition Agreement. Therefore, the Company has today paid the maximum deferred consideration of €5.00m (c.£3.6m) to the vendors.
Trifast continues to search for similar businesses which meet its acquisition criteria and would support its growth plans and ambitions - namely knowledge and skills, capable self-managing and ongoing management teams, niche market positioning, growing revenue and profitability and earnings enhancing.
Enquiries: |
Trifast plc |
Mark Belton, Group Finance Director |
Clare Foster, Company Secretary |
Telephone: +44 (0) 1825 747366 |
www.trifast.com |
