Speaking at the company’s annual meeting, Jim Flavin, chairman of Reflex Investments Plc, the Dublin-based Unlisted Securities Market-quoted computer leasing group, said the company had enjoyed an excellent six months since it went public last December (CI No 830). This would appear to be borne out by the company’s end-of-year results which saw turnover rise 61% to UKPIr4.3m, with pre-tax profits up 133% at UKPIr553,000. Started in 1984 by former IBM Ireland managers Aidan Farrell and Martin Fullam as a supplier and financier of new and used IBM equipment, it has branched out into computer disaster recovery for small to medium sized installations, and general sales-aid leasing of items such as cars and office equipment. Reflex has recently been approved for high technology asset financing in Dublin’s new Dockland Financial Centre. The main benefit will be a 10% corporate tax for high technology financing on overseas activities, which it believes will give it an edge in a very competitive market. The company already has a toe-hold in the UK in the shape of a 51% stake in Royston, Hertfordshire based Electro Components Plc, which is involved in the rental of scientific test equipment. Mr Flavin revealed that Reflex is looking to acquire a subsidiary for its mainstream business, again probably in the UK, since it is reckoned to be up to 30 times bigger than the Irish market. Though there is no sign of a completion yet Mr Flavin said he would be disappointed if he did not announce an agreement within the next 12 months.
