The company has also agreed, subject to shareholder approval, to dispose of the entire issued share capital of its profitable subsidiary Quantica Healthcare for £4.5m in cash to Advantage Healthcare Group Limited.
Quantica Healthcare specialises in supplying care and social workers on a contract or temporary basis, which fits snugly into the Advantage model.
The acquirer provides doctors, nurses, carers and support workers across the UK.
The proceeds of the disposal and transfer to AIM will enable Quantica to pursue growth in the professional services sector, where it has made a number of acquisitions in recent years.
“Whilst Quantica Healthcare is profitable, it does not represent a core business for Quantica going forward,” said Les Lawson, chairman and chief executive of Quantica.
“The markets in which the continuing group operates, particularly in the professional sectors, remain relatively robust and the outlook for the continuing group in the current financial year remains positive,” he added.
It’s been a year of fairly frenzied activity for the group. In July this year it acquired Interactive Training Management, a privately-owned, government funded NVQ training company for £409,859 in cash and an issue of £200,000 in ordinary shares.
It also successfully integrated the £12.5m acquisition of RK Group and the £1.5m purchase of Capital Learning Services in the past year.
Turnover in the six months to May 31 2006 for the group hit £22.8m, a rise of 34% on the same period for 2005, with profits up to £2m.
© Crimson Business Ltd. 2006
