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FLOTATION OF ORCHID TECHNOLOGY CANCELLED AT LAST MINUTE

Stockbrokers Phillips and Drew cancelled yesterday’s planned London flotation of Fremont, California Personal Computer add-on board manufacturer Orchid Technology Inc on the Unlisted Securities Market at the last minute; Marc Boulder at the brokers would only say that some difficulties had arisen and that it was hoped that the launch would go ahead next month; Orchid, founded in 1982, made $1.78m pre-tax on turnover of $11m last year, and is predicting a massive increase for the current year; the prospectus estimates current half’s profit $3m and revenue at $11m.

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