REG - Galliford Try Hldgs - Acquisition

Galliford Try HoldingsAnnouncement

09/11/2023 07:00

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RNS Number : 8403S  Galliford Try Holdings PLC  09 November 2023

 

9th November 2023

 

 

Galliford Try Holdings plc ("Galliford Try")

 

Acquisition of AVRS Systems Limited

 

 

Galliford Try is pleased to announce that it has acquired AVRS Systems Limited
(AVRS), a specialist mechanical, electrical, instrumentation, control and
automation (MEICA) design and build contractor to the water and energy sectors
for a total consideration of up to £7.0m.

 

Established in 1972, AVRS delivers specialist MEICA design and build
solutions. In the water sector they have long term frameworks with key water
sector clients as well as the Coal Authority and MoD, with operations being
very closely aligned to Galliford Try's existing business. In the energy
sector AVRS have long term client relationships providing in-house design,
supply, installation and commissioning of MEICA. AVRS is an excellent fit with
Galliford Try and the acquisition is a continuation of our previously
disclosed strategy relating to the development of adjacent markets, as set out
in our Sustainable Growth Strategy.

 

AVRS' capabilities are complementary to the operations of Galliford Try's
expanding Environment business and will accelerate the growth of our asset
optimisation and capital maintenance strategy.  AVRS operates out of premises
in Cumbria, Middlesborough and Warwickshire, and has c.95 employees.

 

The initial acquisition consideration of £4.5m will be financed from
Galliford Try's existing cash resources.

 

Commenting on the acquisition, Bill Hocking, Chief Executive of Galliford Try,
said:

 

"I am delighted to welcome AVRS to Galliford Try. We have said that we will
continue to consider bolt-on acquisitions to accelerate our strategy and this
acquisition increases our capabilities in the Environment business and
bolsters the Group's capital maintenance credentials. AVRS brings highly
complementary skills into the Group which will further advance our Sustainable
Growth Strategy."

 

Certain information contained in this announcement would have constituted
inside information (as defined by Article 7 of Regulation (EU) No 596/2014)
("MAR") prior to its release as part of this announcement and is disclosed in
accordance with the Company's obligations under Article 17 of those
regulations.

 

For further information please contact:

 

Galliford Try Holdings plc
 
          Tel: +44 (0)18 9585 5001

Bill Hocking, Chief Executive

Andrew Duxbury, Finance Director

Kevin Corbett, General Counsel & Company Secretary

 

Peel Hunt LLP
 
Tel: +44 (0)20 7418 8900

Ed Allsopp

Charlie Batten

Ben Harrington

 

Panmure Gordon (UK) Limited
 
      Tel: +44 (0)20 7886 2500

Tom Scrivens,  Corporate Broking

Sam Elder,  Corporate Broking

James Sinclair-Ford,  Corporate Advisory

 

Teneo
Tel: +44 (0)20 7260 2700

James Macey White

 

 

Additional information

The acquisition of AVRS constitutes a Class 2 transaction for the purposes of
the UK Financial Conduct Authority's Listing Rules.

 

For the year ended 30 September 2022, AVRS generated revenue of £7.9m and
profit before tax of £1.3m. The gross assets of AVRS as at the same date were
£3.8m.

 

More information on AVRS can be found on its website at www.avrssystems.co.uk

 

The person responsible for making this announcement on behalf of Galliford Try
is Kevin Corbett, General Counsel & Company Secretary.

 

 

Note to Editors

 

Galliford Try is a leading UK construction group listed on the London Stock
Exchange.  Operating as Galliford Try and Morrison Construction, the Group
carries out building and infrastructure projects with clients in the public,
private and regulated sectors across the UK.

 

 

END

 

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