Corporate video production company Ten Alps PLC (LON:TAL), announced the acquisition of Straker Films Limited.
The acquisition is the second by the group - trading as Zinc Media - as it looks to become a major player in the corporate story-telling market.
Straker Films has ten consecutive years of industry awards under its belt and boasts an impressive client base including Rio Tinto, National Grid and TfL, welcome additions to Ten Alps’ existing operation.
“The acquisition of Straker Films gives Ten Alps a significant and credible footprint in the corporate video and story-telling market and we look forward to growing our business in this high growth market,” said Ten Alps chief executive Mark Wood.
Ten Alps bought the group for £110,000 with an element of deferred consideration equal to subsequent revenues, with a maximum additional £500,000, or 10% of revenues.
For the year ended February 2016, Straker Films reported revenues of £0.64mln and profit before tax of £0.19mln.
Analysts at N+1 Singer raised its earnings per share estimates by 4.2% for 2017 financial year.
Shares were down 11% at market close yesterday.