Wednesday 23rd November 2005
@UK plans December float
E-procurement technology developer @UK is hoping to raise between £5-£8 million ahead of an anticipated 7 December AIM launch, with the aid of broker and adviser Shore Capital.
Under the guidance of chief executive Lyn Duncan, the company has developed a platform through which public sector organisations (local authorities, NHS trusts, schools and the like) can interact with their suppliers and purchase goods and services online. In exchange for providing this platform @UK charges buyers around £10,000 and suppliers an average of £150 per year.
Growth to date has been steady, with the company doubling sales to £1.2 million last year and generating a further £828,000 of revenue (alongside a £124,000 loss) in the first half of 2005. Duncan says the plan is to sign up around 40 per cent of the UK’s local authorities to the platform over the coming months.
Elliott Davis
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