StockMarketWire.com - Hill & Smith (HILS) completed the acquisition of Technocover for a total cash consideration of £10m, on a debt and cash free basis.

The consideration will be funded from the group's existing bank facilities.

Based in the UK, Technocover was a subsidiary of Ensor Holdings PLC and specialises in the development, manufacture, installation and maintenance of high security access products for the utilities markets.

In the year to 31 March 2016, Technocover recorded turnover of £14.7m, operating profit of £1.5m (before Ensor Holdings PLC group charges), and had net operating assets, on a debt and cash free basis of £3.7m.

The acquisition is expected to be earnings enhancing to the group in the first full financial year following the acquisition.

Chief executive Derek Muir said: "Technocover has an excellent reputation for quality and service and will benefit from being part of the group's UK utilities division."

At 8:27am: [LON:HILS] Hill Smith Holdings PLC share price was +5.75p at 949.25p



Story provided by StockMarketWire.com