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August 14, 1988

ADMIRAL TO PAY UKP1.15m FOR ITECH

By CBR Staff Writer

Admiral Computing Group Plc of Camberley, Surrey has been threatening to make an acquisition or three ever since it went public in the middle of last year, and last week, it finally landed its first fish. The company is Itech Informational Technology Services Ltd, which provides software services in the industrial, technical and defence markets. Admiral is paying 459,000 new shares valued at 145 pence a time, and UKP484,000 cash, UKP1.15m all told, for the company, which had net assets of UKP167,000 at March 31. Itech recorded UKP193,000 pre-tax profit before extraordinary items on turnover of UKP885,000 in the year to March 31.

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