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Acquisitions bolster Timico Technology

Struck a deal - 6.5m funding package from Santander - SantanderCB

Revenues have climbed by £10m at Nottinghamshire business internet provider Timico Technology Group following a double acquisition by the company over a year ago.

Timico purchased 50-strong London firm Wirebird in May 2015 and struck a deal for the assets of Coms plc a week later.

The transactions were supported by a £6.5m funding package from Santander Corporate & Commercial.

Results for the year to 31 December 2015 have revealed that revenues increased to £52.7m as a result, up from £42m in 2014. Pre-tax profit also jumped to £2.7m from £1.3m.

During the financial period, Wirebird was rebranded as Timico Technology Services and the group said it is now 'growing both revenue and EBITDA satisfactorily'.

It added that restructuring costs associated with the Coms plc deal are also 'largely complete'.

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

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