ENGINEERING services firm RCR Tomlinson Ltd has reported a modest increase in net profit and reached an agreement to make its sixth acquisition in the past 18 months. The Welshpool-based company said it had agreed to buy electrical services firm Positron Group Pty Ltd for up to $43.7 million in cash and shares, with the final price dependent on Positron’s performance in the current financial year. A string of acquisitions helped RCR lift sales revenue by 34 per cent to $364 million for the year to June 2007. Net profit rose a modest 11 per cent to $17.6 million, while earnings per share fell by 9.3 per cent to 15.3 cents. RCR put this down to the dilutionary impact of an August 2006 share placement and the impact of additional shares issued as part of the five acquisitions the company made over the period. Positron was established in 1987 and has offices in Perth, Kalgoorlie, Pinjarra, Lithgow and Mackay. Its principal, Jeff Hogan, will head up a new business unit, RCR Electrical Services. RCR said the acquisition would be strongly earnings per share positive from the acquisition date, and would boost group revenue by up to 25 per cent. - Mark Beyer
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