Marketing and 'creative solutions' group New Media Industries is to move its shares from Ofex to the Alternative Investment market, accompanied by a £5 million private placing, Robert Tyerman reports.

Broker Beeson Gregory is handling the share placing for NMI, whose clients include the BBC, Procter & Gamble, Coutts, Boots, Orange, EasyJet and the British army. In the six months to October, NMI turned a £402,607 loss into £38,223 pre-tax profit on a sevenfold increase in turnover to £3.5 million.

NMI says the proceeds of the placing will enable its management team to invest in further growth. This is expected to include strategic acquisitions to enable the company to offer itself as a 'pan-European marketing services group capable of fast, cost-effective delivery of integrated brand solutions'.

Alan Page, chief executive of NMI, says: 'We enable our clients to leverage the maximum cost savings and creative benefit from the technological convergence and media fragmentation currently occurring within the industry'. Today's NMI is the product of a reverse takeover of the Nautilus Group in April last year.

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