21 September 2007

Inspicio plc

Interim results for the six months to 30 June 2007

Inspicio plc (“Inspicio” or the “Company”), the UK and international inspection and testing business, today reports results for the six months ended 30 June 2007.

Financial Highlights:

  • Group turnover of £100.7m (2006: £67.8m)
  • Inspectorate organic revenue growth of 19.7%
  • Operating profit before amortisation of intangible assets and non-recurring items of £6.7m (2006: £2.6m) before charging share option costs of £0.4m (2006: £0.2m)
  • Profit before interest and tax of £5.4m (2006: £2.1m)
  • Operating margin in Inspectorate of 5.2% (2006: 3.0%)
  • Adjusted EPS of 2.5p (2006: 1.4p)

Operational Highlights:

  • The Group has successfully continued its strategy to build a leading international inspection and testing business
  • Strategy underpinned by continued strong trading in Inspectorate, Inspicio's largest operating subsidiary
  • Acquisition of the Scientifics Group Limited (“Scientifics”) on 5 June 2007 for £22m
  • Acquisition of majority stakes in two South African agents
  • Rationalisation of ESG and Scientifics Group businesses commenced
  • Major contract wins including ground testing for the London 2012 Olympics site and an international  contract for coal testing with BHP Billiton

Commenting on the results, Inspicio’s Chief Executive Officer, Mark Silver, said:

“I am pleased to report we have made excellent progress in the first half of the year with Inspectorate in particular achieving almost 20 per cent organic growth.  We acquired Scientifics in June 2007 and believe it is an excellent fit with Inspicio, taking us into new growth markets such as Air and Emissions and Nuclear Decommissioning testing.  This acquisition is another step in our ongoing strategy to consolidate the fragmented inspection and testing industry.  The fundamental drivers of the business remain strong and we are positive on the outlook for the Group in 2007.”

To download the full results, click here.

Inspicio Ltd

10 Buckingham Street

London

WC2N 6DF

Tel: +44 (0) 20 7004 2780
Email: askus@inspicio.com