News blog
Servoca
- BY: Andrew Hore |
- POSTED: 08/03/2009 |
Servoca is raising £5m gross at 8p a share in order to finance its restructuring and fund growth plans.
The staff provider to the police, health and education sectors appointed former Lorien boss Andrew Church as chief executive at the end of 2008. His restructuring of Servoca means that each division is now profitable.
Shares in Servoca fell 1.5p to 11p each, which values the existing share capital at £5.29m. One of the positives for Servoca is that the placing is VCT qualifying. The directors are subscribing for £450,000 worth of shares.
Servoca generated revenues of £42.1m in the 12 months to September 2008. This is the first full trading period for the company in its current form. The reported loss was £7.17m. The underlying loss was just over £1m and most of that was from discontinued operations.
Net debt, including invoice discounting of £5.53m, was £7.4m at the end of 2008.
House broker FinnCap forecasts a profit of £2m in the year to September 2009. That is equivalent to a 2008-09 forecast multiple of five.
The cash raised by Servoca will help it make acquisitions in order to add new businesses in the current divisions.
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