25 May 2012

Networkers nets Comms

16/12/2009 James Crux

AIM-traded technology recruiter Networkers International has accelerated its overseas expansion through the acquisition of the Comms Group.

Guided by the ambitious Spencer Manuel, CEO, Networkers has bought Comms for a ‘nominal’ cash consideration and a commitment to inject £750,000 into its working capital coffers. Set up in the early 1990s, Comms enjoyed net fee income of £4 million on £20 million sales in 2008 and provides staffing and other recruitment services to the telecoms, energy and ICT (Information and Communications Technology) sectors.

A diverse business – operations span the UK, Europe, the Middle East, America, the Far East and Australia – Manuel insists Comms will help Networkers accelerate its international expansion in the telecommunications and energy markets.

Strongly cash generative and with a ‘healthy balance sheet’, Networkers continues to run the rule over potential acquisitions ‘that may present themselves at this point of the economic cycle’.

Shares in Networkers, which suffered a 25 per cent profits decline to £2.2 million for the first half of 2009, on a near-10 per cent drop in net fee income to £11.5 million, were unchanged at 26p this morning, valuing the business at just north of £24 million.

Tags: AIM, Emerging markets, Mergers & acquisitions

Sector: Support Services

Companies: Networkers International

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