The company said the money raised would provide working capital to support future growth and turnover, allow the repayment of borrowings and provide the flexibility to finance acquisitions. In the year to 31 August 1996 it had sales of pounds 15.2m and pro forma profit after tax of pounds 252,000. For the first half of 1996/97 turnover was up 13.2 per cent at pounds 10.1m and profits after tax were ahead 53.1 per cent to pounds 268,000.
SBS Group, the information technology recruitment agency, is making a pounds 1.2m placing of shares and plans a flotation on the Alternative Investment Market. It is placing 1.5 million shares with institutional and other investors at 100p each, giving the company a market value of around pounds 7m. Approximately 21.5 per cent of the company's share capital will be held by external investors.