CRT keeps on shopping as revenue looks set to double

Training specialist CRT Group has vowed to carry on its acquisitive spree after it forecast revenue of #270 million in its annual trading statement.

A report from chief executive Karl Chapman said CRT was growing its business organically, despite a number of acquisitions. Since May 1997, CRT has acquired eight companies for a total of #50 million, mainly in IT training and recruitment. CRT confirmed it had money in the bank to buy more but maintained nothing was imminent.

Chapman said CRT had aggressively built an executive team to run the expanded business, increasing senior management from 21 to 35 in 12 months through promotion, head-hunting and acquisitions.

He said unaudited accounts showed services were responsible for 75 per cent of the #270 million - double last year's figure. But analyst Richard Holway described it as 'probably quite conservative'.

Rebranding to present a clear image across acquisitions resulted in a different name, Spring, being adopted by subsidiaries.

The board was seeking approval from shareholders to approve a colleague share option plan because, according to the report: 'In the past, share options have played an important part in attracting, motivating and retaining staff.'

No additional shares will be issued with share options made available by the Employee Share Trust buying up to 10 per cent of existing capital.