Exova upbeat as acquisitions help sales rise 6.3%

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Materials testing group Exova, which floated last month, today said it was confident about its prospects for the rest of the year after enjoying a jump in revenues during the first four months.

The Edinburgh-based firm said total revenues rose 6.3 per cent to £91.5 million on a constant currency basis, with acquisitions accounting for 5.1 per cent of the increase.

Chief executive Ian El-Mokadem said Exova has completed five takeovers since September, adding: “We remain positive about our ability to complement the organic development of the group by integrating new operations into our network.”

The group’s flotation in April was the first by a Scottish firm on London’s main market since Energy Assets, the Livingston-based gas meter supplier, listed in March 2012.

Exova employs more than 3,600 people at 117 laboratories around the world and is scheduled to report its first-half results on 29 August.