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May 12, 2014

Networking firm Timico seeks £15m in IPO

London Stock Exchange flotation expected to value company at £55m by the end of first day.

By Jimmy Nicholls

Networking firm Timico is looking to raise £15m in a listing on the London Stock Exchange’s Alternative Investment Market (AIM) on May 30.

The company expects a market valuation of £55m at the end of the first day of trading, with 27.3% of the firm being put up for public ownership.

Neil Armstrong, director of business services at Timico, said: "We have grown organically and through acquisitions, and now we’re looking to go to the next stage in our growth and evolution."

Company revenue grew by 10.4% to £42.5m in 2013, and ebitda (earnings before interest, taxes, depreciation and amortisation) grew by 32.4% to £4.9m in the same year. The firm also recently invested £5m in a 144 rack data centre in Newark, Nottinghamshire, where its headquarters is located.

"We have invested in our customer relations and infrastructure, and are looking to do more with it," Armstrong added. "We’re constantly looking to acquire other small companies to help expand our customer base and technological capabilities."

Founded by chief executive Tim Radford in 2005 following his sale of Project Telecom to Vodafone the previous year for £162m, the company’s current clients include Travis Perkins, Mitsubishi and the British Medical Association.

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Freddy Crossley, director at Panmure Gordon & Co, the nominated advisor and broker for the offering, said: "It’s quite a fragmented market. We hope they will use the IPO as a platform for making larger acquisitions and to scale up to a significant size."

Radford has a record of astute business manoeuvres, having sold £11m worth of shares in Project Telecom alongside the company’s co-founder Richard Cunningham in a previous flotation, and flogged Chatters Entertainment days before the 1987 stock market crash on Black Monday.

Over the last decade Timico has made a number of acquisitions, including Atlas Internet in 2004, NewNet in 2010, and Powernet in 2011. Last year it absorbed Powernet and Redwood into the main brand.

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