Environmental testing company with expanding operations in Australia and New Zealand. Quality management pursuing value accretive acquisition strategy. HRL offers services in sampling, lab testing and data management across food, occupational hygiene, environmental and construction sectors.

The acquisition of NZ-based Analytica Laboratories in Nov 2017 was transformative, doubling group revenue and positioning the company in the centre of ANZ's milk and food boom (HRL has several big name FMCG clients and its testing services play a vital role in securing ANZ's clean and green image in Asia). 

In recent results, announced August 2018, underlying EBITDA growth increased year-on-year to $5.8m, up 382%. The company is well capitalised, with $16m raised to fund the Analytica acquisition. Other acquisitions - particularly in NSW and Vic where HRL is yet to have a presence - are likely in FY2019.

http://hrlholdings.com/wp-content/uploads/2018/08/HRL-Investor-presentation-June-2018-FINAL.pdf