£4.4m Application for OFEX
Article Date: Nov 10 2005
Labelling and packaging solutions business Application Developments is looking to raise up to £756,000, with the aid of St Helen’s Capital, ahead of a £4.4 million OFEX launch next month.
Already profitable to the tune of £181,114 for the year to March, Application Developments operates three divisions. Two are already well established (selling labelling machinery and a range of labelling services respectively). To chief executive Ian Parkinson, however, it is the third division, InventRis, which offers the most growth potential.
Aimed at the inventory management side of the supply chain sector, InventRis provides a means through which companies can keep track of their stocks and assets. The likes of brewing giant SAB Miller and insurance group AVIVA have already adopted the product and Parkinson reckons that ‘we have a two-year headstart on the rest of the market.’
Should the company succeed in raising the full £756,000 pre-listing, Parkinson says it ‘would really enable us to fire as a business’, granting enough cash to strengthen the distributor base both in the UK and overseas.
Expected to generate a £291,000 operating profit on £2.1 million of sales full year, Application Developments anticipates completing its listing on 1 December.
