Huntsworth plc (HNT.L) Friday said that it has acquired ScopeMedical Limited for cash consideration of GBP 4.6 million with further performance related consideration. The maximum total consideration payable is GBP 11 million.
This acquisition is expected to expand Huntsworth Health's blue-chip client list and its reach within the global market.
The company acquired ScopeMedical from Jeremy Williams, William Allingham and one other shareholder for an initial consideration of GBP 4.6 million in cash, of which GBP 0.67 million will be deferred for 12 months.
Deferred consideration may be payable, with an interim payment based on the profits for the two years to December 31, 2011 and a final payment based on the profits for the four years to December 31, 2013, the company noted.
The company said that the acquisition of ScopeMedical will further strengthen its Huntsworth Health offer which now constitutes approximately 27% of group revenues.
Sally Withey, group chief operating officer said, "The group expects to meet management's profit expectations in the first half of this year and looking ahead for the full year committed revenues have increased from 80% announced 9 weeks ago to 84%."
The company will announce its interim results on August 26, 2010.
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