GVA posts profit hike as it confirms takeover talks
GVA has posted a 19% pretax profit increase for the year ended 31 December 2017 in its latest accounts filed with Companies House.
The company achieved a pretax profit of £14.3m last year, compared with £11.9m in 2016. Revenue rose from £140.1m in 2016 to £146m last year. Operating profit increased by 16% to £14.5m, while the value of the firm’s net assets rose from £108.9m to £120m.
The accounts, which are filed under the firm’s full name, GVA Grimley Ltd, also confirm that GVA is in talks with potential buyers.
GVA has posted a 19% pretax profit increase for the year ended 31 December 2017 in its latest accounts filed with Companies House.
The company achieved a pretax profit of £14.3m last year, compared with £11.9m in 2016. Revenue rose from £140.1m in 2016 to £146m last year. Operating profit increased by 16% to £14.5m, while the value of the firm’s net assets rose from £108.9m to £120m.
The accounts, which are filed under the firm’s full name, GVA Grimley Ltd, also confirm that GVA is in talks with potential buyers.
The Companies House filing states the group has “appointed advisers to market test the appetite for the potential sale of GVA Grimley Holdings Ltd and its subsidiaries, of which GVA Grimley Ltd is one. This process is ongoing as at the time of signing the accounts.”
Earlier this month, EG reported that acquisitive Canadian property advisory firm Avison Young was considering a bid for GVA.
It is thought that Cushman & Wakefield has also been running numbers on GVA and has the firepower and ability to make a bid, following its IPO on the New York Stock Exchange in August. However, a bid is unlikely to be forthcoming in the short term as GVA’s Swedish private equity owner, EQT, continues to explore a market-testing exercise.
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