Business
?2.3m Acquisition of UK Translations Business
?2.3m Acquisition of UK Translations Business.
About this update from Rws Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 6804D RWS Holdings PLC 01 May 2013 \n \n\n \n \nFor immediate release 1 May 2013\nRWS Holdings plc\n \n£2.3m Acquisition of UK Specialist Translations Business\n \n \nRWS Holdings plc (\"RWS\", \"the Group\"), Europe's leading provider of intellectual property support services (patent translations and technical searches) and commercial translations, is pleased to announce the completion of the acquisition of the entire issued share capital of PharmaQuest Limited (\"PharmaQuest\") for a cash consideration of £2.3 million.\n \nThe acquisition is in line with RWS' stated strategy of complementing organic growth with the deployment of the Group's cash resources for selective acquisitions which have demonstrable growth prospects, offer excellent margins and can enhance shareholder value.\n \nPharmaQuest specialises in providing high quality translation and linguistic validation of patient reported outcome measures resulting from clinical trials conducted globally. The company is believed to be the only company worldwide specialising in this field. The company was founded in 2005 and is based in Oxfordshire, employing seven people. Customers include pharmaceutical companies, clinical research organisations and academia.\n \nPharmaQuest's latest financial statements for the year ended 31 March 2013 show turnover of £1.4 million and adjusted profit before tax of £600,000. Net assets acquired were less than £100,000. The acquisition will be immediately earnings enhancing.\n \nAndrew Brode, Executive Chairman of RWS commented:\n \n\"We are pleased to have acquired PharmaQuest, whose progress we have monitored for several years. It is an attra...