Australia's PeopleIn rises on acquisition of recruitment business

PeopleIn

09/02/2022 02:31

** Shares of workforce solutions firm PeopleIn Ltd  PPE.AX 
rise as much as 3.7% to A$4.180, track their best session since
Jan. 27
    ** Co enters https://www.asx.com.au/asxpdf/20220209/pdf/455t699m58w8v4.pdf
 into agreement to buy Perigon Group Pty Ltd, an Australian
recruitment business, for an upfront consideration of A$16 mln
($11.45 mln)
    ** A further A$10.8 mln may be payable, based on current
earnings projections
    ** Co says business is expected to contribute FY22 EBITDA of
about A$1.5 mln and FY23 EBITDA of A$4.3 mln
    ** Stock hits highest since Feb. 2
    ** PPE down ~8.2% this year, as of last close 

($1 = 1.3972 Australian dollars)

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))