FDM Group is an international IT services provider with three business units, namely IT Staffing, IT Professional Services and IT Training. FDM supplies IT staff and services across five business sectors including financial services, systems integrators and software houses, telecommunications and broadband, media, and the public sector. The outfit has approximately 100 clients including Deutsche Bank, JP Morgan, EDS, the BBC and the NHS.
The company will sell more than 5.5 million shares at 78p ($1.46) each in the flotation, which should give the company a total of GBP 8m ($14.9m) before expenses of GBP 500,000 ($937,250). The floatation should net the Brighton-based entrepreneur Rod Flavell a windfall of GBP 3m ($5.6m) for the company he founded way back in 1991.
Flavell will retain 12.5% of the issued share after the float, and the rest of the money raised will help the services group increase the number of its consultants – known within the group as mounties – it places with its clients.
Last year the company saw pre-tax profits almost doubled to GBP 1.85m ($3.46m). However, gross margins fell because the company had to use more freelance staff to satisfy increased demand from its clients. Sales meanwhile rose to GBP 33m ($61.8m), compared with GBP 26m ($48.7m) in 2003.
The group, which has offices in the UK, the US, Germany and Luxembourg, is expected to start trading on April 7.
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