Empired raises $10.5m to fund acquisitions

12/09/2014 - 12:43

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Perth-based national IT services provider Empired has expansion in its sights, after completing a $10.5 million capital raising on the back of strong year-end profit results.

Empired raises $10.5m to fund acquisitions
Empired managing director Russell Baskerville.

Perth-based national IT services provider Empired has expansion in its sights, after completing a $10.5 million capital raising on the back of strong year-end profit results.

Empired announced the placement of 14 million ordinary fully paid shares at 75 cents per share by lead manager Euroz Securities, with Bell Potter Securities as co-manager to the placement.

The placement pricing represents a 2 per cent discount to the last closing price and a 1.3 per cent discount to the five-day VWAP of 76 cents.

The proceeds will be used to fund future acquisitions, with Empired stating it aims to grow the breadth and depth of IT services provided.

Empired recorded a strong profit in its year-end results to June 30 2014, with a 44 per cent increase in turnover, to $67 million for the year.

It also announced a 2014 year end profit before interest, tax, depreciation and amortisation of more than $7 million, up 98 per cent from last year.

Empired shares last traded at 77 cents per share at 10.45am.

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