21 June 2010 – acquisition
Brulines has agreed to acquire the issued share capital of LBI Installations Ltd subject to satisfactory due diligence. LBI operates web-based contract management solutions for forecourt operations. The consideration will consist of an initial payment of £360k, followed by performance related deferred consideration. Unaudited accounts for LBI for the year ended 31 March 2010 show that the Company recorded an EBITDA of £166k on a turnover of £1.2m. Although full details of the deal are unknown at this stage, this appears to continue the trend of the company making logical acquisitions on sensible terms. We remain of the view that the shares look ATTRACTIVE at the current level.