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Exova to sell UK and Ireland food, water and pharma arm

19 May 2016 08:12

Exova Group has agreed to sell its UK and Ireland food, water and pharmaceutical business to international life sciences company, Eurofins Scientific, for around GBP18m in cash.

The sale consists of a portfolio of 10 well-established, accredited laboratories across the UK and Ireland which provide a wide range of chemistry and microbiological testing services.

Exova's food, water and pharmaceutical business in the UK and Ireland generated revenues of around GBP20m in 2015. It is expected that the sale will complete early in the third quarter of 2016 on the satisfaction of certain conditions.

Chief executive Ian El-Mokadem said: "The sale of our food, water and pharmaceutical business in the UK and Ireland allows us to dedicate significantly more financial and management resource to growing in sectors where we can build on our market leading positions in technically demanding services such as fire, transportation, aerospace, industrials and Infrastructure related testing."

Exova also issued a trading update for the four months to the end of April.

The group reported strong overall growth with revenue up 12.7% at constant currency; 15.4% at actual rates; 1.7% organic growth at constant currency (7.7% excluding Oil & Gas and Industrials) and 11.0% growth from M&A activity.

Exova's said all acquisitions were performing well and the M&A pipeline continued to be strong.

At 8:12am: (LON:EXO) Exova Group Plc share price was +5.25p at 167.25p

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