Brickability acquires Beacon Roofing
Brickability Group
63.50p
10:04 27/12/24
Construction materials group Brickability has acquired Surrey-based roofing contractor Beacon Roofing for £6.5m.
Construction & Materials
12,040.85
11:29 27/12/24
FTSE AIM All-Share
717.39
11:30 27/12/24
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.