- Safety company investor Marlowe launched a share placing to raise £35m, in part to fund the acquisition of contractor management software and services provider Elogbooks for an enterprise value of up to £14.05m.

New shares in the company were being issued at 478p each.

Marlowe also said it expected to post a 52% rise in adjusted pre-tax profit for the year through March to £13.6m, amid organic revenue growth of 7%.

The payment sum for Elogbooks included an initial consideration of £7.35m, an earnout of up to £4.9m and management rollover of £1.8m.

'The acquisition represents the next step in Marlowe's strategy to deliver integrated technology and services to enhance the compliance, safety & upkeep of our clients' premises,' Marlowe said.

Funds from the placing would also provide resources to accelerate an acquisition-led strategy amidst a favourable M&A climate, it added.

Story provided by