The Daily Mail & General Trust’s national newspaper division, Associated Newspapers, has bought a network of job sites for £10 million plus a three-year earn-out.
The acquisition of JobsGroup.net, which operates a portfolio of successful niche job sites such as JustEngineers.net, JustConstruction.net, and JustRail.net, 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 reportedly demonstrated impressive growth and is on course to deliver revenue of approximately £2 million, up from £1.1 million last year.
JobsGroup.net achieves high operating margins and Associated expects the acquisition to be earnings enhancing before amortisation in the current year.
The network 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, AND, said: “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.”
Earlier this month, DMGT bought 25 weekly regional newspapers from Trinity Mirror for £64.15 million (see DMGT Buys 25 Trinity Mirror Regional Titles).
In May, the company reported a 24% increase in profits over the six months to April 1 (see DMGT Records Profits Increase).
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