Sprue Aegis makes acquisition, swings to H1 loss

Sprue Aegis has acquired source code and development rights to software developed by Intamac Systems Ltd for a total consideration of up to £2.8m in cash, excluding VAT.

It separately posted an H1 pretax loss of £1.2m, from a profit of £8.8m. Revenue was lower at £25.9m, from £56.5m.

“H2 2016 is expected to be a far stronger period than H1 for Sprue with a return to profitability,” it said in a statement.

“Sales are recovering strongly with certified Panasonic battery products now being shipped into Germany.

“We are seeing increased levels of customer confidence in the quality of Sprue’s products and sales into Germany in Q3 2016 are now expected to be circa Euro 3.0 million higher than the comparable quarter last year.”

Returning to the acquisition, Sprue Aegis said £1m of the acquisition price was payable initially, together with £0.45m pre-paid licences paid to Intamac converted into consideration.

The balance would be paid over the next 12 months on the achievement of certain agreed

At 9:20am: (LON:SPRP) Sprue Aegis Plc share price was -20p at 137.5p

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