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Baqus
- BY: Andrew Hore |
- POSTED: 09/12/2007 |
- COMMENTS: Add yours
Quantity surveyor Baqus plans to join Aim in the middle of December.
Baqus has been formed from the merger of three quantity surveyors - Boxall Sayer, Fletcher McNeill and Denley King. It will raise around £2m and will be valued at £11.5m. The group generated turnover of £6.95m in the year to June 2007 and made pre-tax profits £1.19m. Public sector work, including for social housing associations, provided 52% of turnover with the rest coming from private sector work. The order book is worth £10m and covers up to three years.
Projects such as the London Olympics in 2012 and the 2014 Commonwealth Games in Scotland will help to keep demand high. Budget hotels is another growth area. Most of the business is in the UK but there are revenues from overseas, including the Middle East.
Rival surveyor Cyril Sweett floated recently. Baqus says that Cyril Sweet has more overseas work but the newly formed group has higher margins.
Baqus, which is being floated by Seymour Pierce, plans to make other acquisitions. There is a gap in its geographic coverage in north east England. It will also want to widen the range of sectors it works on.
Acquisitions will be made with shares and cash. Management plans to pay 40% of after-tax profits in dividends.
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