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FDM Group
- BY: Andrew Hore |
- POSTED: 04/06/2009 |
Management may offer 120p a share for FDM Group.
Ivan Martin, Rod Flavell, David Templeman, Sheila Flavell and Andy Brown are being backed by Inflexion Private Equity Partners LLP in their potential offer for the IT staff provider.
Shares in FDM jumped 14.5p to 113.5p each, which values the company at £26.4m. Net cash was £10.1m at the end of 2008 and the business remains cash generative. Revenues rose 5% to £52.2m and pre-share based payments profits improved from £4.4m to £5.29m in 2008. House broker Brewin Dolphin had previously forecast a small improvement in 2009 profits to £5.4m.
The potential 120p a share bid values FDM at around eight times prospective 2009 earnings. That is not overly generous.
Karl Monaghan is the only independent director of FDM. He has granted permission for due diligence to be carried out and will evaluate any offer – if it happens.
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