Friday 22 September 2017

Depth of offer at Noonan Group helped to lure bidders

Analysis

Revenue in 2015 surged to €304m from €203m, boosted by organic growth and the full year's trading of prior acquisitions. Stock image
Revenue in 2015 surged to €304m from €203m, boosted by organic growth and the full year's trading of prior acquisitions. Stock image
John Mulligan

John Mulligan

Earlier this year, Noonan Services started a contract for global giant Ikea.

The Irish group is now responsible for cleaning the retailer's premises across the UK and Ireland.

It's the kind of blue-chip client that has made Noonan Services an attractive takeover target.

Its clients also include police forces in the UK, universities in Britain, as well as hospitals in Ireland. Noonan Group's turnover has soared in recent years while its key debt metric has shrunk.

Revenue in 2015 surged to €304m from €203m, boosted by organic growth and the full year's trading of prior acquisitions.

Earnings before interest, tax, depreciation and amortisation (Ebitda) jumped to €15.8m in 2015 from €12.2m a year earlier.

The company has focused on vertical integration, expanding into areas such as security services.

The depth of its offer helped to improve its attractiveness to bidders.

Irish Independent

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