Armour Group PLC
23 September 2004
ARMOUR GROUP PLC
ACQUISITION OF THE HI-END LIMITED ('HI-END')
Armour Group plc (the 'Group') has acquired 100 per cent of the share capital of
Hi-End, a specialist company providing design integration and installation
services for home theatre and home automation systems.
The consideration, payable in cash from the Group's existing facilities, totals
approximately £1.75 million of which £1.6 million will be paid upon completion
with the balance payable 3 months from completion. The net assets acquired at
completion of £0.4 million, which includes £0.3 million in cash, generated an
attributable profit before tax of £0.28 million in the year to 31 December 2003
on sales of £1.2 million.
Hi End was set up in 1996 to service the increasing demand from residential
property owners for automated systems to manage the home environment. It
provides custom design and installation services to integrate home
entertainment, computer networking, lighting and telephone systems. The company
is based in South West London and employs 8 people.
Hi-End will be integrated into our existing custom install business, Integrated
Media Installations Limited, which was acquired in October 2003. The acquisition
will extend the Group's coverage to include the retro-fit installation market
and will be complementary to its existing activities which are focused in the
new build pre-wire market.
George Dexter, Chief Executive of Armour commented:
'This acquisition will strengthen our existing activities in design integration
and installation services for the home automation market. We believe that this
is a market that will grow quickly and we expect this transaction to be earnings
enhancing in the current financial year to 31 August 2005.'
George Dexter Armour Group PLC Tel: 01892 502700
Adam Hart KBC Peel Hunt Tel: 020 7418 8900
Trevor Bass Fleet Financial Tel: 020 7950 2854
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