Vantis plc Information

Vantis has made substantial progress in the period since flotation with two successful acquisitions and the expansion of Vantis' corporate finance arm, in this the first quarter of the traditionally weaker first half-year. On 6 June 2002, Vantis announced the acquisition of the non-audit businesses of Gregory Mitford & Snowball for a total maximum consideration of £420,000, subject to performance criteria. Gregory Mitford & Snowball is a long established firm based in Darlington, with turnover from non-audit businesses of c.£450,000 per annum. This acquisition extends Vantis' solid foundation in the North East from which to further expand the geographical reach of the Group. This was followed in July by the launch of a new corporate finance house, forming part of Vantis Corporate Finance Limited. Michael Norrie and Colin Harvey, both of whom joined Vantis from HLB Kidsons Corporate Finance, led this initiative. In August, Vantis announced the acquisition of The Custom House (Duty Recovery and Advisory Services) Limited for a maximum consideration of £2,334,000, subject to performance criteria. The Custom House is a specialist consultancy business dealing in the recovery of import duty and general duty advice. In September, Vantis announced agreement of a new £7m bank facility, increasing total facilities to £10m. This will be used to fund further growth by acquisition. The two acquisitions and the strengthening of the corporate finance arm, together with the approval of increased bank facilities, demonstrates the Company's strategy as set out in the prospectus at the time of flotation.