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July 28, 1994

SPARGO MANAGES TO EXCEED PROSPECTUS FORECAST WITH ITS MAIDEN INTERIMS

By CBR Staff Writer

Spargo Consulting Plc, the London Docklands-based software consultancy company, has brought in maiden interims slightly above forecast, with a turnover of ?2.9m, against a forecast of ?2.8m in its half-year results to June 30. Pre-tax profits were up 122.8% to ?606,000 on the same period last time, compared with a forecast of ?600,000. Spargo came to the London International Stock Exchange at the beginning of June when it placed 25% of the enlarged equity at 95 pence per share to raise approximately ?13m in new money; Tony Spargo, chief executive of the company and chairman Bob Morton still own the rest. According to Spargo, the company went public to raise its standing among the blue chips – Spargo’s principal customer base. Registering as a Plc also made head-hunting and retaining top people easier, says Spargo. He attributes the company’s success to its ability to nuture a good rapport with existing clients, and its competitive edge over rivals such as Admiral Plc, MMT Computing Plc and FI Group Plc to lower overheads. Perhaps a more pertinent reason for the company’s success is that Spargo used his former company, Informix Software Inc’s reputation to build up a client base for his own company. One of Spargo’s biggest customers is Rank Xerox Ltd, where it provides 24-hour-a-day seven-day-a-week support, in 17 countries across Europe. Spargo even opened a site in Marlow, Essex to provide immediate on-site support to Rank Xerox’s own Marlow-based operation.

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