Internet Security Consultancy Centurycom Acquired
Diagonal PLC
6 January 2000
DIAGONAL PLC, the specialist IT Consultancy, today announces the acquisition
of CENTURYCOM LIMITED. Centurycom is a highly successful Internet security
consultancy formed in January 1998. In its first year of operation,
Centurycom produced a profit before tax of £280,000 on turnover of £1.74
million. Estimates for the current year ending 31 January 2000 reflect
healthy growth with profit before tax increasing to around £500,000 on
turnover of approximately £4 million. Net assets at completion are
approximately £200,000. Centurycom has an impressive client list including
British Airways, The Automobile Association and a number of blue chip
Financial Institutions.
The initial consideration amounts to £4.2 million of which £3 million is
payable in cash from the Group's own resources. A deferred consideration of
between £1.5 million and £2 million has been estimated based on demanding
growth and profitability targets in the period up to 30 November 2000, subject
to an over-riding limit of £3.8 million. The balance of the initial
consideration and all of the deferred consideration will be satisfied by the
issue of new DIAGONAL ordinary shares.
MARK SAMUELS - Chief Executive of Diagonal commented:
The acquisition of Centurycom represents another step in our strategy of
creating a new group of profitable product led consultancies to complement the
services provided by our increasingly successful SAP practice.
CLIVE MCCAFFERTY - MD of Centurycom commented:
Becoming part of the DIAGONAL Group gives us the opportunity to provide our
skills to an ever increasing and substantial client base with the common
problems of Internet security. We look forward to working with the
acknowledged leader in SAP implementation consultancy.
Latest directors dealings
- 3 hours ago ASOS
- 4 hours ago MJ Gleeson
- 4 hours ago Rolls-Royce Holdings
- 4 hours ago Crest Nicholson Holdings
- 5 hours ago Naked Wines