On 20 December 2017, Bodycote acquired the thermal processing assets (including hot isostatic pressing vessels and vacuum furnaces) in Blaenavon, South Wales from Doncasters Group Limited for £8.7m. As part of the acquisition, Bodycote entered into a long term agreement to provide Doncasters Group with their HIP and Heat Treatment requirements in the United Kingdom and the associated employees involved with the thermal processing assets have transferred to Bodycote. Therefore, the transaction was treated as a business combination and with the consideration being assigned to the fair value of the thermal processing assets. This is the only transaction during 2017.

In the prior year acquisitions were made to strengthen the Group's network and to enhance the process offering in Canada, USA and Germany.

The transactions have been accounted for by the purchase method of accounting and are summarised below:

2017
£m
Fair value of net assets acquired:
Property, plant and equipment8.7
Total consideration8.7
Satisfied by:
Cash consideration8.7
Net cash outflow arising on acquisition:
Cash consideration8.7

Prior year acquisitions had £6.5m of accrued consideration of which £5.5m has been paid in the current year. The remaining is expected to be paid in the next 12 months. During the year an adjustment was made to acquisitions completed in 2016. The adjustments are outlined in the table below:

2017
£m
Fair value adjustment
Property, plant and equipment(0.6)
Trade and other receivables(0.4)
Trade and other payables(0.1)
Deferred tax liabilities0.7
Goodwill(0.4)

Acquisition-related costs (reported in exceptional items in note 5) amounted to £nil (2016: £0.6m).

The acquired businesses contributed £nil revenue and £nil operating profit for the period between the dates of acquisition and the balance sheet date due to the fact the acquisition was so close to year end.

If the acquisitions had been completed on the first day of the financial year, Group revenue would have been £693.5m and Group headline operating profit attributable to equity holders of the parent, stated prior to Group management charges, would have been £124.0m.