Brickability acquires Beacon Roofing

Construction materials group Brickability has acquired Surrey-based roofing contractor Beacon Roofing for £6.5m.

Brickability said the consideration would be satisfied by an initial cash payment of £4.5m and a deferred consideration of £2.0m, payable in cash over the next three years and subject to adjustments for performance against target performance criteria.

The AIM-listed firm also highlighted that the acquisition would be funded from existing resources and was expected to be immediately earnings accretive post-completion.

In the 12 months ended 31 January, Beacon reported unaudited revenues of £8.9m and normalised underlying earnings of approximately £1.1m.

Chief executive Alan Simpson said: "Beacon is another great addition to our profitable Roofing Services division, further expanding our coverage in the South East. This acquisition follows the acquisition of Leadcraft, the Hampshire-based roofing contractor in August 2021 which continues to perform strongly."

As of 1020 BST, Brickability shares were down 0.90% at 92.66p.