EC Harris to target acquisitions by end of year

摘要

EC Harris will target sizeable acquisitions "by the end of the year" as it aims to scale up ahead of a planned market flotation in 2014, according to chief executive Philip Youell, writes Iain Withers. The consultant is in discussions with a firm in Germany and another in China, and may acquire a firm in the oil and gas sector, Youell added. The news comes as EC Harris revealed preliminary results, showing profit up 18% despite flat turnover, due to improved margins. Pre-tax profit rose to £40.3m last year, up from £34.1m in 2010-11, while turnover grew just 3% from £245m to £253.4m. Youell attributed the profit rise to international growth and a restructure of the business last year to reduce costs. He admitted EC Harris needed to acquire firms to reach its target turnover of between £400m and £500m before listing.