Next week the company will be the latest European biotech IPO with a launch on the London Stock Exchange, following a delay after chartered accountant chief executive Mark Reid contracted pneumonia.
Reid and fellow chartered accountant FD Gary Corsi, 43, expect a market capitalisation of between #95m to #115m, and expect to raise #27m to #30m.
Former KPMG man Reid founded the business in 1991 to design and manufacture equipment for the embryonic genomic research market in a friend’s bedroom before moving to an iron shed.
Now the duo head of one of Europe’s major suppliers to a sector poised to revolutionise 21st century life and healthcare. They have overseen profits before tax escalate from #846,000 in 1997 to #3.2m on a #7.3m turnover last year. A first working draft of the human genome was announced this June – the company is set to profit from the research needed to translate the data into products.
Reid and Corsi have 150 customers worldwide, including Harvard University and last month secured the purchase of rival Genpak for #6.5m. WestLPanmure have fully underwritten the float by the company, audited by Deloitte & Touche.
Corsi is a former director of chemicals group Inspec and financial controller of BP Fine Chemicals.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel