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ILX Group PLC Acquisition of TFPL Limited

ILX Group PLC Acquisition of TFPL Limited

ILX Group plc (AIM: ILX), the e-learning software and business training company, is pleased to announce the conditional acquisition (the "Acquisition") of TFPL Limited ("TFPL"), a recruitment, training and consulting business, from Idox plc (AIM: IDOX) for a maximum consideration of &pound0.6 million.

Specialising in the knowledge, information and data management industries, TFPL provides executive search, managed services and the placement of permanent, interim and contract personnel into the public and private sectors. Since its establishment in 1985, the company has developed a strong brand and reputation in its marketplace.

In the year ended 31 October 2012, TFPL generated revenues of &pound2.5 million and a gross profit of &pound1.3 million. After operating charges and restructuring costs, the pre-tax loss in that period was &pound35,000. Net liabilities as at 31 October 2012 were &pound0.29 million.

The consideration for the Acquisition comprises an upfront payment of &pound0.3 million, deferred consideration of &pound50,000 payable if TFPL's net fee income for the year to 31 October 2013 reaches &pound1.05 million, and a single earn-out payment of up to &pound0.25 million payable in full if TFPL's net fee income exceeds &pound1.3 million in the 12 months to 30 June 2014. All consideration is payable in cash.

Wayne Bos, Executive Chairman of ILX, said: "This is a small but strategic acquisition for ILX, which complements both our training and consultancy activities. ILX trains thousands of project managers every year - a significant resource, which TFPL with its recruitment sector skills and other capabilities will be able to leverage to the benefit of both the Group and our customers."

"Optima Corporate Finance provided lead advisory services to Idox plc including the introduction of ILX plc"

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