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LONDON (Alliance News) - Support services firm Marlowe PLC said Tuesday it acquired Island Fire Protection Ltd for up to GBP1.1 million.
Island Fire - which provides fire protection services - generated GBP300,000 in pretax profit for the year ended April 2017 on revenue of GBP2.1 million.
For the year ended March 2017, Marlowe generated GBP700,000 in pretax profit on revenue of GBP46.8 million. Excluding acquisition costs, pretax profit stood at GBP3.3 million.
Marlowe - which operates under two main units, Fire Protection & Security and Water Treatment & Air Hygiene - will pay GBP900,000 upfront in cash with a cash earn-out of up to GBP200,000.
The acquisition will be funded using Marlowe's existing cash resources.
Shares in Marlowe were 1.5% higher at 395.80 pence on Tuesday.