This article is from the Australian Property Journal archive
AFTER swinging back into profit, listed valuations firm Acumentis has secured a foothold in Tasmania with the acquisition of Saunders & Pitt.
The purchase comprises $150,000 cash and $400,000 in newly issued Acumentis shares.
Saunders & Pitt has a long history dating back to 1905 when the firm was founded as D. Saunders & Co. It has offices in Hobart, Launceston and Devonport.
The acquisition is forecast to add an additional 5% to Acumentis’ earnings per share and the purchase price equates to approximately 2.4 times the maintainable earnings of Saunders & Pitt.
Chairman Keith Perrett said Acumentis has used sub-contractors to deliver these services in Tasmania and the acquisition allows for the internal servicing of revenues previously sub-contracted, delivering an anticipated cost saving of over $100,000.
“The business has been looking to expand in Tasmania for some time and we are very pleased to be able to do so now by engaging the excellent directors and valuers of Saunders & Pitt.
“Saunders & Pitt has a long and proud history of providing the highest quality professional services to its clients and is an excellent fit for Acumentis, sharing the same focus on excellence and adhering to the same principles of how to do business.” Perrett said.
Acumentis also anticipates hiring additional valuers in Tasmania and expanding the range of services it provides to Tasmanian clients.
The acquisition comes after the group returned to profit in the first half year. For the six months to 31 December 2020, the group posted revenue of $22.998 million, an increase from $16.832 million in the previous corresponding period.
EBITDA was $2.725 million compared to a loss of $3.164 million and the net profit was $1.033 million versus a loss of $3.454 million.
