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Atlantic Global
- BY: Andrew Hore |
- POSTED: 19/09/2007 |
- COMMENTS: Add yours
Software company Atlantic Global is looking to expand via acquisition so that it can grow to a size where institutional investors will take an interest.
Adrian Bradshaw is taking over as non-executive chairman and he will concentrate on looking for potential acquisitions. They are likely to be much larger than the current business but it should be in the same kind of area. Atlantic would hope to use the sales contacts and staff of any target to sell its own software.
Bradshaw was involved with the company when it originally floated. He, and his partner in Bradmount, Peter Mountford, each have an option over 500,000 shares owned by chief executive Eugene Blaine at a price of 25p a share. The market price is 16.5p a share.
Atlantic returned to profit in the six months to June 2007. It made £72,000 on turnover of £1.16m. The company has conserved its cash and has £1.71m in the bank – nearly half of the company’s market value. Blaine believes that Atlantic is in “as good a shape as for a couple of years”.
Profits of £300,000 are forecast for the full year. The next generation of its software, which will be available as a hosted of Software as a Service solution, will be launched in the first half of 2008.
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