APC Technology Group PLC Annual Report, Acquisition and Trading Update (0683O)
25 January 2019 - 6:00PM
UK Regulatory
TIDMAPC
RNS Number : 0683O
APC Technology Group PLC
25 January 2019
APC TECHNOLOGY GROUP PLC
("APC" or the "Company" or the "Group")
Posting of Annual Report and Accounts, notice of AGM, recent
acquisition and trading update
The Board of APC, which provides design, specification and
distribution of specialist electronic products and components,
announces that the Company's Annual Report and Accounts 2018,
together with the Notice of Annual General Meeting, has been posted
to those shareholders requiring hard copies. It is also now
available on the Group's website at
http://apcplc.com/investor-relations/apc-financial-reports/
The Annual General Meeting of the Company will be held on Friday
22 February 2019 at 11.00 a.m. at the offices of the Company's
auditors, RSM UK Audit LLP, 25 Farringdon Street, London EC4A
4AB.
Acquisition of Wavelength Electronics
The Board is pleased to announce that the Group has acquired
100% of the share capital of Wavelength Electronics Limited
("Wavelength"), whose principal activity is acting as a premium
distributor and representative for electronic component
manufacturers. This acquisition adds further complementary product
lines to the Group offering.
The net consideration consisted of GBP494,000, to be satisfied
in cash, payable one third on completion, one third in 12 monthly
instalments and the balance 12 months from completion. In the year
to 31 December 2018, Wavelength had gross profit of GBP472,000. It
is expected that adjusted EBITDA, once fully integrated into the
Group, will be in the region of GBP175,000.
Wavelength Electronics has more than 25 years' experience as a
representative of electronic component manufacturers. Operating in
similar market sectors to the core APC and Aspen components
businesses, Wavelength represents a group of well known
manufacturers of components and systems for applications including
high reliability, power control and conversion, RF and microwave
interconnect, man machine interfaces and sensing. These
manufacturers include industry-leading brands such as Q-Tech,
Corning Dubilier, State of the Art, Astrodyne, Presidio and
Vanguard. These additional product lines will enhance the Group's
abilty to sell into the UK's high reliability industries, including
Space.
The business has been built by the Managing Director, Paul
Glover who will remain with the business in a consultancy capacity.
Wavelength has a highly experienced team based in offices in
Broadstairs and Didcot.
Trading update
The Board is pleased to confirm that trading to date for the
current financial year to 31 August 2019 is in line with management
expectations.
Richard Hodgson, Chief Executive of APC, commented:
"We are delighted to be able to confirm the acquisition of
Wavelength Electronics, which brings another leading component
distribution and representation business into the APC Group and is
an exciting opportunity to further expand the range of products we
sell within our specialist markets such as Space and to grow our
customers base.
For APC this deal follows the successful acquisitions of First
Byte Micro (now APC Locator) and Aspen Electronics in 2018 and
positions us as one of the largest electronic distribution
businesses in the UK, with unrivalled product, technical and sales
experience. Our combined technical sales, marketing and
customer-facing teams now total more than 50 staff and will provide
our manufacturing partners with enhanced UK coverage to an expanded
customer base."
Enquiries
APC Technology Group PLC +44 (0) 330 313 3220
Richard Hodgson, Chief Executive www.apcplc.com
Michael Thompson, Finance Director
Stockdale Securities Limited (Nominated Adviser and Broker) +44 (0)20 7601 6100
Mark Brown / Antonio Bossi / Rose Ramsden
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END
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