National Milk Records plc
LSE : NMRP

October 02, 2014 02:01 ET

Acquisition of Inimex Genetics Limited


                                                                                                  2/10/2014
                                                                                               GB00B5TWCQ18
                                         National Milk Records Plc
                                         ('NMR' or the 'Company')

                                  Acquisition of Inimex Genetics Limited

National Milk Records Plc, the ISDX Growth Market quoted, leading supplier of milk services, is pleased  to
announce  that on 1st October 2014 the Company acquired the entire issued share capital of Inimex  Genetics
Limited ("Inimex"), one of the leading bull semen suppliers in the UK.

Inimex  has  been supplying the British and International genetics market with world class bull  semen  for
over  twenty  five  years, providing high quality semen for many of the better known direct  semen  selling
companies. Inimex has secured contracts to be the sole UK importer for many of the top studs worldwide  and
also introduced hundreds of bulls into the UK. In 2007, Inimex formed Bullsemen.com to directly market  top
quality  genetics to the UK dairy farmers. Bullsemen.com is now the only UK source for all the  bulls  from
the  main studs in the USA (Cooperative Resources International) and Germany (German Genetics International
GBH).

In  its  financial year ended February 2014, Inimex made pre-tax profits of GBP 472,000 on turnover of  GBP
1,445,000.

The  total  consideration payable by NMR for the acquisition of Inimex is GBP 2.217 million, of  which  GBP
1.635 million has been paid in cash on completion and GBP 0.582 million is deferred over 4 years, based  on
future profit targets. NMR has funded the acquisition from the Company's existing cash resources.

Andy  Warne,  Managing  Director of NMR said: "We are delighted to have acquired a  complementary  business
which  is cash generative and profitable. The acquisition of Inimex presents a number of opportunities  for
synergies with our existing business and I look forward to reporting on these in due course."

The Directors of the Company are responsible for the contents of this announcement.

* * ENDS * *

For further information on NMR, please visit www.nmr.co.uk

Enquiries to:

National Milk Records Plc
Andy Warne                                        Tel: +44 (0) 7970 009141

Peterhouse Corporate Finance Limited
Duncan Vasey and Mark Anwyl                        Tel: +44 (0) 20 7220 9796

Contact Information

  • National Milk Records plc