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January 7, 1997updated 05 Sep 2016 12:24pm

DIAGONAL LOOKS TO RAISE FUNDS WITH LONDON FLOAT

By CBR Staff Writer

Information technology consultant Diagonal Plc of Farnham, Surrey has applied for a full Stock Exchange listing and hopes to float by the spring. Established in 1988, Diagonal Plc reported an annual revenue of 19m British pounds for the year ending November 1995 with a profit of 1.4m pounds. The company, which specializes in client-server systems, currently employs 180 staff and a substantial number of freelance employees dealing largely with SAP AG packages, for which it is a systems integrator. The decision to float was prompted by the need to raise funds to aid the expansion of the business. The company plans to sell a quarter of its shares and looks for the flotation to put a value on it of between 30m pounds and 40m pounds. Director of Communications Alan Rogers said: We have not yet made a final decision as to how much money we intend to raise and discussions are under way at the moment. The placing will be handled via Henderson Crosthwaite.

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