Coda follows placing with P&O contract

CODA, a supplier of financial software which yesterday issued placing particulars, will announce next week that it has won a contract worth more than pounds 300,000 from P&O Containers.

The P&O group is moving all of its information processing to 'open' systems - that is, computer systems based on common standards and independent of particular brands of hardware.

Coda clinched the deal because it offers an open accounting software package, launched in 1992. It also already has several other shipping clients, including Sea Containers and Nedlloyd.

Shares in Coda will be placed at a price of 235p, capitalising the company at pounds 61.65m. The placing price implies a pro forma price-earnings ratio of 24.5. Dealings are expected to begin next Wednesday.

Just over 30 per cent of the company's shares will be placed. Directors and their families will retain 22.9 per cent, employees (including three employee share ownership plans) 33.7 per cent, and institutions 12.9 per cent.