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March 19, 1987

CONSULTANTS (C&F) PAYS UKP7.1m FOR DOWNIE ASSOCIATES

By CBR Staff Writer

Consultants (Computer & Financial) Plc’s shares jumped 36p to 244 yesterday on its 1986 results – pre-tax 159% at UKP2.5m, sales up 144% at UKP11.4m – despite news of a planned 30% increase in the number of its shares in circulation to help fund the UKP7.1m acquisition of fellow financial house Downie Associates Ltd. Stockbroker James Capel has agreed to buy 1.337 new shares at 200p each to provide CCF with UKP2.4m of the UKP3.9m in cash, UKP1m of it deferred, that it is paying; the remainder of the purchase price is in the form of an additional 1.6m new shares to the vendors. Downie made a pre-tax profit of UKP1.1m on turnover of UKP2.8m in the year to May last, and in the current year, according to CCF’s shareholders document, Downie’s turnover is running 40% ahead of 1986. Downie’s main product is Super XTAS, a set of investment banking and treasury modules covering capital, money and foreign exchange market trading, and market making for equities and gilts, that runs on DEC’s VAX, and some also on IBM System 36 and 38.

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