Fast-growing and hungry Atlantic Computers Plc has pounced yet again paying UKP9.3m, mostly in shares, to give itself a foothold in Australia and New Zealand. The object of its desire this time is CBF Group Pty, Australia’s largest second-hand IBM and DEC dealer. CBF made UKP1.5m on turnover of UKP9.5m in the year to June 30 and its managers and former owners, Paul Shacklady and Gerald Webb, will now takeover responsibility for Atlantic’s operations in Hong Kong and China. They will also spearhead an expansion into Singapore and Thailand. The deal follows Atlantic’s purchases of ICA Europe (CI No 579), Comcap Plc (CI No 660), and Hamilton Rentals UK (CI No 707) which have helped take the share price from under 250 pence last December to yesterday’s close of 744p, up tenpence on the day. The news of the purchase came as John Foulston’s group unveiled half year results showing pre-tax profits up 32% to UKP12.7m – above City predictions. This was achieved despite problems in the US, in its European-based DEC business, and in the Manufacturing Division which is taking longer to turn round than expected. With Foulston describing himself very comfortable with analysts’ forecasts of UKP41m to UKP43m for the full year – that would put Atlantic on a price-earnings ratio of barely 14, Atlantic’s shares seem set to continue their meteoric rise.
