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Wednesday 16 December, 2009

Networkers Intnl PLC

Acquisition

RNS Number : 1776E
Networkers International PLC
16 December 2009
 






                               Networkers International PLC

                                (AIM NWKI)


                                Acquisition 



Networkers International PLC, the AIM listed international recruitment company is pleased to announce the acquisition of the entire share capital of Comms Group Ltd ("Comms Group")an international recruitment business, for a nominal cash consideration, although it has agreed to commit £750,000 in working capital co-incident with the acquisition.


Comms Group, founded in 1991 and employing 35 staff worldwide, is a leading supplier of resource solutions providing recruitment services and staffing solutions for the Telecoms, Energy and ICT markets. Spanning the UKEurope, the Middle EastAmericaAustralia, and the Far Eastit supplies clients in over 50 countries.


Comms Group will trade as an independent business within the Networkers Group, and the Board of Networkers look forward to working with the senior management team of Comms Group.


For the year ended 31st December 2008 Comms Group generated turnover of approximately £20m and net fee income (gross profit) of £4m and had net assets of £0.7m.


Commenting on the acquisition, Spencer Manuel, Chief Executive Officer of Networkers, said 


"The acquisition of the Comms Group provides us with an excellent opportunity to accelerate our international expansion plans in the telecommunications and energy markets. With our healthy balance sheet and strong cash generation, we continue to look at strategic acquisition opportunities that may present themselves at this point of the economic cycle."


Enquiries:


Networkers International                        020 8315 9000

Spencer Manuel, CEO

Jon Plassard, CFO

www.networkersmsb.com


Seymour Pierce Limited                        020 7107 8000

Richard Feigen

Catherine Leftley





This information is provided by RNS
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