Ricardo PLC PLC Consulting Acquisition (8593D)
July 01 2019 - 1:00AM
UK Regulatory
TIDMRCDO
RNS Number : 8593D
Ricardo PLC
01 July 2019
1 July 2019
Ricardo plc
("Ricardo" or the "Group")
RICARDO EXPANDS ENERGY & ENVIRONMENT BUSINESS IN
AUSTRALIA
Ricardo plc ("Ricardo"), a global engineering, technical,
strategic and environmental consultancy business, announces today
that it has signed a share purchase deed to acquire the entire
share capital of PLC Consulting Pty Ltd ("PLC Consulting" or the
"Company"), an environment, planning and infrastructure advisory
consultancy which is headquartered in Melbourne, Australia.
The total maximum consideration is AUD9.64 million (GBP5.36m),
subject to any adjustment to reflect net cash balances and
normalised levels of working capital at the date of completion. The
consideration will be paid in cash, with part paid in instalments
over three years, subject to the achievement of agreed financial
targets and retention of key management.
The acquisition is expected to be completed on 31 July 2019.
PLC Consulting has a strong technical advisory capability across
the project life-cycle in infrastructure, environment and planning,
including supporting the environmental requirements of
master-planning, business cases, procurement, design, construction
and operation. The services offered by the Company complement and
extend Ricardo's existing energy and environment capabilities
within the growing Australian market.
Founder and Director of PLC Consulting Deane Ellwood will
continue to lead the business together with the Company's
twenty-one employees. From the date of completion, the Company will
operate as part of Ricardo's Energy & Environment business.
Dave Shemmans, Chief Executive Officer of Ricardo plc, said:
"I am delighted to be able to announce the signing of the share
purchase deed with PLC Consulting and look forward to welcoming
Deane Ellwood and his team into Ricardo.
"I am passionate about the work our energy and environment
experts deliver in helping to mitigate the worsening impacts of
climate change, the reduction of waste and the conservation of the
world's scarce resources. This exciting acquisition will also help
Ricardo to continue to grow our environmental services in
Australia."
Note: An exchange rate of 1.80 has been used throughout this
announcement
Further enquiries
Ricardo plc Tel: 01273 455611
Dave Shemmans, Chief Executive Website: www.ricardo.com
Officer
Ian Gibson, Chief Financial
Officer
Newgate Communications Tel: 020 7680 6550
Adam Lloyd / Ian Silvera ricardo@newgatecomms.com
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END
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