Sept 2010 – Amor Group’s double award win on the back of strong interim financial results
Amor Group wins two prestigious business awards
Recognition for £28million deal which created business technology solutions provider
Leading global provider of business technology solutions, Amor Group, won not one but two top awards at last night’s prestigious Deals and Dealmakers award ceremony, for a management buy-out which was the biggest private equity backed deal in Scotland last year.
After taking first place in the MBO/MBI of the Year category, Amor Group was then also awarded the overall Deal of the Year award, recognising the focus, strategy and now results behind the management buy-out which was announced in May 2009.
The MBO/MBI accolade recognised the most effective management buy-out or buy-in of a Scottish-headquartered company, while the Deal of the Year award was given by the judges for the most impressive deal in 2009.
John Innes, Chief Executive Officer of Amor Group accepted both the awards at last night’s ceremony, which was held at Glasgow’s Hilton Hotel and attended by key members of the Scottish business community.
The win comes on the back of strong interim financial results which show pre-tax profit for the group’s trading arm, Amor Business Technology Solutions Ltd, as ahead of budget. Turnover for the six months was £16.5 million, up from £15.4 million in 2009, and 7% ahead of target.
Spearheaded by John Innes, Scott Leiper and David Blyth, the management buy-out of the Sword Group’s Scottish IT services was worth almost £28 million and ranked as one of the largest transactions of the UK IT sector in recent years.
John Innes said the double win was a “fantastic achievement” and underlined the company’s very successful first year of trading – and plans for future growth.
“We have been on a real journey since our initial conversations about an MBO through to being recognised in the Deals and Dealmakers awards for all the hard work and commitment which was shown by the team,” he said. “We are delighted to have received these two awards.
“With any MBO there is a calculated risk, especially in the recent economic climate, but we focused on our build-and-buy strategy and it has proved to be highly successful.
“Our recently announced interim results are very strong, with both our turnover and profit ahead of target. So far this year we have secured £23million of contracts and created more than 75 new posts to support this growth.
“The backing, advice and expertise which we received from Growth Capital Partners LLP, Scottish Enterprise and the Clydesdale Bank has been integral to our success.
“I would also like to recognise the efforts of all our employees, who have been key to our success since the management buy-out. Amor Group is an exciting, dynamic organisation, with investing in people one of our core values, and their support has been essential.”
Amor Group has since established itself as a leading global provider of business technology solutions to the energy, transport and public sectors.
Major wins in 2010 have included work in the public sector, such as a £3.9million professional services contract with Ofqual, the regulator of qualifications, examinations and assessments in England.
Energy contracts included a five-year support contract with Centrica Energy Hydrocarbon Resources Ltd, worth £500,000, and a $750,000 (USD) contract with the National Gas Company of Trinidad and Tobago to design and install a gas management system for the Cross Island Pipeline system in the Caribbean.
Amor Group also specialises in technology solutions for the transport industry, where wins included a £200,000 deal with Oslo Airport for its passenger tracking system, PAXTrax+.