Erros Plc, the Abingdon, Oxfordshire-based database application software company is coming to the 4.2 matched bargain market in London this week. The company aims to raise ú1.5m with a placing at 210 pence per share, which values the company at ú7.5m. Chairman Rob Dixon devised the rapid application development tool for the IBM Corp AS/400 himself and claims that it speeds the development process up by 60 times (CI No 2,615). Erros has a new chief executive in Tony Constance and a worldwide licensing agreement with IBM. Losses were ú158,000 last year, but Dixon is predicting profits this time of ú470,000, and ú1.7m the year after. Stockbroker Williams de Broe is organising the deal.
