Science Systems Plc, a Bristol-based application software development house, is heading for a flotation on London’s junior market, the Aim, which should value the company at around 25m pounds. Science Systems was founded in 1980 on software expertise in the control of unmanned earth satellites, but the company has gradually branched out into defense work, utilities, telecoms and broadcasting. Space related income accounted for 30% of the company’s 14.6m pounds1996 turnover, on which it produced a profit before tax and exceptional of 1.5m pounds. Up until now it has been happy to sub-contract for the likes of Thomson CSF, but with 320 employees, and numbers growing at 20% annually, Science Systems is beginning to take the larger contracts onto its own books. The 5m pound private placing of a 20% equity stake will only net 1m pounds of new money for use in the company because the majority of funds being used to buy out the original private investors who, having been with the company for 17 years, are ready for their pay-off. The Aim flotation is also viewed by managing director Mike Love as a stepping stone to a full listing further down the road. The proposed listing date is the 25th September and the company’s brokers and advisors are Rowan Dartington.
