Taking Stock

Dealings are due to start on the fringe Ofex share market on Monday in Advance Digital Communications, latest offering from the Ruegg & Co. investment house. Shares were sold at 20p giving a capitlisation of pounds 7m. The offer was heavily oversubscribed. ADC, started in 1982, specialises in visual communications for corporate events. "Illustrative financial projections" suggests profits of pounds 2.1m this year and pounds 6.6m next.

Graham, the builders merchant, should lift profits from pounds 21.3m to pounds 27.5m this year and produce pounds 35m next year, believe stockbroker Albert E Sharp. The shares firmed to 177p. They were floated at 183p four years ago. Since then the price has touched 217p and been as low as 119p. The analyst Robert Griffiths is keen on the shares but believes the group is unlikely to be a prime takeover target in any industry consolidation.