IFR Ifr Capital

RNS Number:8436M
IFR Capital PLC
30 January 2008

IFR Capital Plc (AIM: IFR)

30 January 2008

IFR announces closing of Hamker acquisition and announces a preliminary trading
update for 2007

Hamker acquisition

IFR Capital Plc ("IFR" or the "Company": IFR.LN), an AIM-listed investment
company focused on consolidation opportunities in the European retail food
sector, today announces the closing of the Hamker acquisition following the
receipt of the relevant merger clearance last week and the satisfaction of all
outstanding conditions. IFR now owns 100% of the German operations of Hamker
Lebensmittel Beteiligungs GmbH & Co. KG ("Hamker"). Hamker is the third
acquisition by IFR following its purchases of Nordsee GmbH ("Nordsee") and
Homann Chilled Food GmbH ("Homann"), and represents a significant step towards
its vision of creating a diversified European food enterprise.

Heiner Kamps, CEO of IFR states: "We are very satisfied with this enlargement of
our portfolio and see mutual benefits for Homann and Hamker."

Homann and Hamker management will now immediately start the process of realising
the synergies which are mainly expected to be derived from the areas of
complimentary strengths in product ranges and distribution channels, cost
savings in production, overhead and logistics, and joint procurement through the
increased sourcing volume.

The acquisition of Hamker is closely aligned with IFR's long-term objective of
creating a leading, vertically-integrated food business with a view to acquiring
potentially synergistic businesses to drive IFR's further growth.

Trading update

IFR management is also pleased to announce an update on trading, including
preliminary and unaudited figures for the financial year ended 31 December 2007
(the "Period"). The Company expects to be able to announce its audited final
results for the financial year ended 31 December 2007, by the end of March 2008.

Both sales and EBITDA were in line with management's expectations, with sales
for the Period of Euro 481 m (Euro 351 m in 2006) and EBITDA of Euro 40.2 m (Euro 25.8 m in
2006). These results include only 6 months of the Homann business, since its
acquisition in July 2007.

The Nordsee business saw considerable growth, with an increase in EBITDA of more
than 17.0% year on year, accounting for Euro 30.2 m in 2007 (2006: Euro 25.8 m). The
Homann business generated an EBITDA of Euro 13.2 m within the last 6 months, ahead
of expectations.

Heiner Kamps explains: "Regarding Homann we have implemented the first steps
which are already showing positive results. For 2008 we expect our measures to
yield an even larger crop. As to Nordsee we have not only managed the turnaround
but made it sustainable. In spite of the challenging situation on the raw
material market I am very positive of our overall achievements."

IFR expects to generate a turnover of about Euro800 million in 2008, and the Board
reiterates its target of a sales volume of at least Euro1.5 billion with an EBITDA
margin of approximately 10% by the end of 2009.


Enquiries:


Chris Wells, Stewart Wallace, Collins Stewart Europe Limited
(Nominated Advisor to the Company)                        +44 (0) 20 7523 8350



Rob Bailhache, Financial Dynamics Limited                 +44 (0) 20 7269 7200
(Media Relations)


Notes to Editors:


IFR Capital


IFR Capital plc (IFR) is an acquisition platform targeting small and
medium-sized businesses in the continental European food industry, within three
sub-sectors: retail (mainly shops/ restaurants), industry (wholesale and
production) and distribution.


IFR is currently considering various opportunities in the European food sector
with a view to acquiring potentially synergistic businesses that would help
propagate the company's further growth. Further opportunities include the
ongoing expansion of IFR's new premium bakery brand, Bastians, to major European
cities. Further details of these opportunities will be announced as they become
available.


Ultimately, IFR's intended long-term strategy is to create a leading,
vertically-integrated food business with a turnover of at least Euro1.5 billion by
2009 and an EBITDA margin of approximately 10 per cent.



Heiner Kamps


Heiner Kamps, the highly regarded retail entrepreneur, is responsible for
operational management of IFR Capital.


Mr Kamps has extensive knowledge of the retail business across Europe and is the
trustee of the humanitarian Heiner Kamps Foundation, "Bread against Misery"
founded in 2000.



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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