Sepura – communications technology

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sepura, cambridge, communications

Cambridge UK communications technology business Sepura has backed a thumping set of full-year results by revealing that it has conditionally raised £65 million through a placing of shares.

The share placing raises £15m more than Sepura felt it might seek when it announced liquidity issues in April.

It will ease cashflow but also help underpin bold expansion plans, notably in the United States. The fundraising was clearly nailed before the shock Brexit vote. CEO Gordon Watling said: “The fundraising announced today will significantly strengthen our balance sheet and provide the right capital structure to support our growth strategy.

“We see significant opportunities to build on recent success in the global transport sector such as New York City Transit, as well as grow our business in North America – the world’s largest PMR market. We also expect FY17 and beyond to benefit from our recent investment programmes.

“We have revised our business model and our financial focus is firmly now on cash conversion, improving operating margins and increasing our revenue visibility with contracted and recurring business. The board believes that the group is well positioned to exploit key growth markets.”

Sepura group revenue was hoisted by €58.5m to €189.7m, which included a €44.7 million contribution from the acquired Teltronic business which has substantially boosted sales in the US and Latin America.

The 250,000 devices shipped in the year was up 15 per cent on the previous 12 months; the company has a record-breaking order backlog of €75 million. The pre-tax loss of €19m compared to a 2015 profit of €16.7m as a result of an aggressive acquisition strategy in the past 12 months.

Watling said the company and its lending banks have also agreed to make certain commercial and other amendments to its existing facilities agreement which will be implemented conditional on completion of the capital raising.

A general meeting of the company has been convened for July 15 to ratify the fundraising.

from Business Weekly http://ift.tt/28W49xf

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