Cambridge-based computer-aided design software company Cadcentre Plc is seeking a full listing on the London Stock Exchange. Formed back in 1967 as a government research department, the former Cambridge Computer-Aided Design Centre or Cambridge CAD, was privatised in 1983 via a sale to ICL Plc. Eleven years later, venture capitalist 3i Group Plc and Cambridge University backed a management buyout from ICL. The group’s software products are used for designing major engineering projects that by their nature cannot be prototyped, such as offshore oil rigs, power stations and petrochemical plants. Cadcentre now has about 200 staff at its UK head office and internationally in Houston, Delaware, Seattle, Frankfurt, Hong Kong and Paris. Now Cadcentre is looking to raise 7m British pounds in a flotation that will give the group a market capitalization of 30m pounds, to fund its continuing international expansion. Norway has tentitively been earmarked as the next location to set up shop, to provide the group with a stable base to tap into the oil and gas industries in both Scandinavia and the former Soviet Union. In the year to March 31 the firm turned in pre-tax profits at 1.7m pounds on revenue that rose 20% to 14.2m pounds. The company would like to get the issue away before the end of the year. Albert E Sharp is the sponsor and broker.
