Today marks the first day of dealings for Newcourt Group on the IEX market in Dublin and the AIM market in London. The company is involved in the security sector through Federal Group and in the recruitment sector through Sigmar Group.
About €14.4m - before expenses - has been raised on behalf of Newcourt. The offering was more than three times oversubscribed at the placing price of 70 cent per share. This gives the company a market value of about €48m.
Newcourt was established in 2002 . Federal Group is now one of the biggest security providers in Ireland with 1,700 staff. Sigmar has offices in Dublin and Cork and will shortly open an office in Galway. The company is developing into the niche markets of aviation staffing.
Turnover at Newcourt for the six months to June 30th, 2005 was €25m and EBITDA €2.37m. The Group is forecasting turnover of over €60m and EBITDA of over €5m for the year to December 31st, 2005.
'Our objective is to develop into a broadly based outsourcing and support services group focussed initially on the island of Ireland,' commented Newcourt's CEO Ted O'Neill.
'We believe we have positioned the company in a sector with above average growth potential. The business is expected to benefit from continued growth in the Irish economy and the growth of outsourcing generally in Ireland,' he said.
'Flotation will give us access to capital markets to support the Group's development strategy,' he added.
The ISE launched the new IEX market earlier this year in an attempt to attract more smaller companies to the Dublin market. It is modelled on London's AIM.
