Belgravium advances on acquisition deal update

AIM-listed computing solutions provider Belgravium Technologies has exchanged a conditional contract to acquire the entire issued share capital of Feedback Data (FDP), for a cash consideration of around 600,000 pounds.

AIM-listed computing solutions provider Belgravium Technologies has exchanged a conditional contract to acquire the entire issued share capital of Feedback Data (FDP), for a cash consideration of around 600,000 pounds.

On Tuesday, the company issued an update stating that completion of the acquisition was expected to take place on May 31st, adding that the consideration for the acquisition would be settled from the company's existing cash resources.

FDP specialises in workforce management for companies operating in both the industrial and retail environments and is currently a wholly-owned subsidiary of Feedback, an AIM-listed company.

The audited accounts for FDP for the year ended May 2012 show a turnover of £1.93m and a loss before tax and group management charge of £54,000.

John Kembery, Chairman of Belgravium, said: "FDP operates in sectors that are new and exciting to Belgravium and the acquisition will enable both FDP and Belgravium to share and utilise their respective hardware and software capabilities."

He added: "Belgravium brings a strong technical base to FDP's existing business and product ranges. We believe that with the additional resource and investment that we can provide, FDP will soon be restored to a position of profitable growth."

Belgravium Technologies' share price was up 9.09% to 3.0p at 12:13 on Tuesday.

MF

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
5 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

House prices could fall 30%. Should investors be worried about a repeat of 2008?
Investments

House prices could fall 30%. Should investors be worried about a repeat of 2008?

Some analysts are predicting that house prices could fall as much as 30%, which, when compared to the fact that prices have jumped 28% since April 201…
24 Jan 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
Council tax increases 2023 – how much more will you pay?
Tax

Council tax increases 2023 – how much more will you pay?

Your council tax bill will go up in April - we reveal the councils that have confirmed what this year’s increase will be.
23 Jan 2023