London Stock Exchange - 01/03/2004 - On the 1st March the Exchange was delighted to welcome Civica Plc to AIM.
The Civica Group is a software and services business, specialising in the public sector market. The majority of the Groupís business is in the UK although it has a significant operation in Australia. Civica operates within the local government sector as well as the criminal justice, health and education markets, providing consultancy, software systems and managed services. The Group employs approximately 450 employees of which around 230 are based in the UK, 170 in Australia and 50 in the United States.
The operating group was formed in 2001 by consolidating a number of existing public sector related businesses from within the Sanderson Group (which was the subject of a management buy-out in January 2000). In December 2003 Civica Holdings and its subsidiaries were demerged from the Sanderson Group.
Civica is raising £15 million of new money from the offer and is placing £30 million on behalf of existing shareholders. On admission, the Group will be valued at approximately £79.2 million.
Civica reported an operating profit of £9.1 million for the year to September 2003, up from £8.2 million a year earlier, on revenues of £90.3 million.
CEO Simon Downing said, "I am delighted with the response from investors. The flotation of Civica will help raise our profile and position in the public sector marketplace, as well as strengthening our balance sheet and assisting in acquisitions."
Seymour Pierce is acting as both Nominated Adviser and broker.