Dataflex to float

By THIS IS MONEY
Updated:

 

Alternative telecoms company Dataflex Holdings is to apply for a Stock Exchange listing to raise around £10 million to finance further growth. Dataflex revenues were £18.2 million for the year ended June 30, 1999, compared with £5.2 million for the previous year. Pre-tax profit was £2.9 million for the year to June 30, compared to £462,000 for the previous year.

Dataflex said it expects its market capitalisation at the placing price to be over £120 million pounds, with the value of free floating shares to be over £30 million pounds.

Started in 1985 as a modem company, Dataflex now focuses on call routing devices and developing automatic meter reading systems. Its customers include Cable & Wireless and wireless data company Tele2. Dataflex said it has retained WestLB Panmure Ltd as financial adviser and stockbroker, and expects share trading to begin March 2.

©reuter

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