25 February 2004

DML ACQUIRES FRAZER-NASH CONSULTANCY

Devonport Management Limited (DML) is today (25 February 2004) pleased to announce that it has acquired Frazer-Nash Consultancy Limited (Frazer-Nash).

Frazer-Nash is a specialist engineering consultancy company with approximately 160 staff working from main offices in Dorking, Bristol and Burton-on-Trent. Frazer-Nash has a strong systems engineering capability that is focussed on the provision of technology, design, safety and risk management services. Frazer-Nash's markets include the defence, nuclear power, civil aerospace, transport and industrial sectors.

DML's Chief Executive, Dennis Gilbert, said "The acquisition of Frazer-Nash provides a significant increase in our design consultancy capability and analytical resource in areas that are key to our strategic growth targets. DML is already a major in-service support contractor for existing classes of warship and submarines. This move boosts our ability to play a top-table role in new platform and equipment programmes, as well as providing a springboard to further diversification for the DML Group.

"We are delighted to welcome our new colleagues to DML's consultancy arm and look forward to progressing the joint business plan."

Frazer-Nash Managing Director, Andy Milton, commented "We are delighted to become part of the DML Group at this particular stage in its growth and strategic development. We look forward to working closely with our new colleagues and to continuing to develop Frazer-Nash into one of the strongest engineering consultancy companies in Europe."