Daily Mail buys job wesites portfolio
09/08/2007
Associated Newspapers, the national newspaper division of DMGT, announces the acquisition of JobsGroup.net, which operates a portfolio of successful niche job boards, including JustEngineers.net, JustConstruction.net, and JustRail.net, for approximately £10m plus a three year earn-out. The acquisition will form part of the Associated Northcliffe Digital (AND) network of online assets.
In the current financial year to 30 September 2007 the business has demonstrated impressive growth and is on course to deliver revenue of approximately £2m, up from £1.1m last year. JobsGroup.net achieves high operating margins and we expect the acquisition to be earnings enhancing before amortisation in the current year.
JobsGroup.net will continue to be run by its current management team, working as part of the wider online recruitment division of AND (headed up by Jobsite). The JobsGroup.net portfolio of sites will retain their brand names and will also look to establish partnerships with other DMGT assets as appropriate.
Andrew Hart, managing director of AND, commented: "We are delighted to complete the acquisition of JobsGroup.net, which we believe effectively complements our existing online recruitment activities. The management team at JobsGroup.net has established the business as a significant player across a number of niche verticals, whilst also delivering impressive financial growth."
