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pictured left to right: Richard Dean, Chief Operating Officer; David Sterry, Chief Executive; Michael Dunn, Finance Director; Ian Findlater, Corporate Development Director
First day of dealings on AIM
The Directors of May Gurney are pleased to announce that the Company's shares have been admitted to trading on AIM today under the ticker symbol "MAYG.L".
23,728,116 May Gurney shares have been placed with institutional investors at 186 pence per share (the "Placing Price") raising £44.1 million in total, of which £13.5 million (net of expenses) was raised for the Company. At the Placing Price, the Company's entire issued share capital is valued at approximately £130.6 million.
May Gurney has a differentiated business model of a dynamic, integrated support and construction services business led by a strong management team, with on average over 20 years' industry experience and expertise, supported by an experienced operational team.
Its robust financial position, with a 7-year track record of growing profits alongside strong cash flow generation, has meant that EBITA has increased from £2.2 million in 2001 to £13.7 million in 2006. The Company has highly visible and predictable quality earnings, with a forward order book in excess of £1.1 billion total:
- of this, over £900 million is secured with an additional £250 million expected under framework contracts;
- the order book is based upon long-term client relationships;
- there is a strong pipeline of future opportunities with a wide range of blue-chip clients across a number of sectors; and
- the majority of revenues for the year to March 2007 are secured.
May Gurney's focused strategy is to grow the business both organically and through selective acquisition opportunities in the UK's consolidating support services market place with the majority of the Company's revenues being derived from maintenance and enhancement spend. Increased regulatory pressures and central government efficiency agendas should continue to provide good growth opportunities for May Gurney.
David Sterry, Chief Executive said:
"We look forward to taking May Gurney to the next stage of its development. We will be focused on continuing to deliver growth by our established business model and through our core market sectors with the aim of providing added value for shareholders, customers and employees."
May Gurney Integrated Services plc
David Sterry, Chief Executive
Michael Dunn, Finance Director
Tel: 01603 727272
Altium (Nominated Adviser and Broker)
Phil Adams
Mike Fletcher
Paul Lines
Tel: 0161 831 9133
Citigate Dewe Rogerson (Public Relations)
Ginny Pulbrook
Tel: 020 7638 9571
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A sustainable approach
May Gurney's stated goal of 'Being the best' construction and support services company is accelerating its progress in working with customers to develop more sustainable ways of doing business.
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The National Engineering & National Construction Recruitment Exhibition
14-15 November
Earls Court, London
Click here for further information. |
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2007 - an award-winning year more >
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