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 top funds to invest in
Funds

The top funds to invest in

Investors continue to favour passive funds in April though figures reveal an actively managed money market fund also caught their eye. We look at wher…
3 May 2023
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
20 Apr 2023
Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
28 Mar 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023

Most Popular

June’s NS&I Premium Bond prize draw - are you this month’s millionaire?
Savings

June’s NS&I Premium Bond prize draw - are you this month’s millionaire?

Two fortunate NS&I Premium Bond winners are now millionaires. Find out here if you’re one of them.
1 Jun 2023
3 renewable energy stocks to buy
Investments

3 renewable energy stocks to buy

These stocks look poised to benefit as the world transitions to a net zero economy.
31 May 2023
Housing slowdown ‘deeper than anticipated’ as property sales slump
House prices

Housing slowdown ‘deeper than anticipated’ as property sales slump

New data from HMRC shows a fall in property sales - now experts predict a delay to the housing recovery
1 Jun 2023