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HOSKYN’s REFLOTATION PLAN TO RETAIN QUOTE STYMIED BY BID FOR PLESSEY

Plessey Co Plc’s Hoskyns Group Plc says that a firm plan to refloat 25% of its shares before Christmas in order to retain its quotation on the London International Stock Exchange has been thwarted by the GEC-Siemens bid for Plessey. As a result, no firm date can be put on the move to reduce Plessey’s holding in the company. This news accompanied the group’s results for the year to October 31, which saw pre-tax 46% at UKP9.5m. The revenues from Professional Services grew 43% during the year to UKP12.7m and now constitute 19% of the company’s sales, while Systems Integration revenues have also grown thanks to projects like the UKP4.5m Eurotunnel contract, and the division saw business up 19% at UKP47.8m. Hoskyns has remained the Facilities Management market leader in the UK, and is looking to expand the hold on the public sector market which the UKP42m contract with the London Residuary Body gave it. Indeed, over the past financial year the most significant change in Hoskyns mix of business over its five market sectors has been a 5% growth in turnover in the public sector. The year has seen Hoskyns involved in several acquisitions. The company bought three software houses: CBT, Insight, and Elfton Control and Computer Systems; as well as being itself taken over by Plessey. Aside from growth by acquisition, Hoskyns also reports internal expansion with the opening of both Hoskyns Technology Park in Birmingham, and a new Financial Management centre in Holland. Despite concerns over the future of its parent, Hoskyns looks forward to its twelfth successive year of growth in 1989.

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CBR Staff Writer

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