Gulf starts at Sheikh Adi-2 25/05/2012
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Enfis seeks £2m
Solid state lighting concern Enfis hopes to raise £2 million at 36p to support its North American and European operations.
The fast-growing Swansea-based company, which lost a marginally reduced £1.9 million pre-tax last year on turnover up 430 per cent to £1.6 million, has already received encouraging institutional support for the placing, handled by its nominated adviser and broker Noble, says chief executive officer Shaun Oxenham. He says that, if shareholders approve the placing, the proceeds will provide working capital to service AIM-quoted Enfis’s ‘strong sales pipeline’ in these ‘key volume markets’.
The company, whose annual loss was further cut to £1.3 million by a £556,000 tax credit, supplied 18,000 ‘intelligent high-power light-emitting diode (LED) arrays’ and ‘smart lighting engines’ to 207 customers in 2008, compared with 3,000 units supplied to 60 customers in 2007. Enfis, which contracted some £800,000 of advance sales for this year and £2.2 million for 2010, also launched its Quattro Mini ‘high-power, cost-effective spot source… for architectural, retail, commercial and entertainment lighting’ and says it is now receiving ‘strong orders’ for the product.
Floated at 140p two years ago, Enfis shares reached 172.5p before draining away to 30p two months ago, as analysts, though supporting the long-term growth case, queried how many customers would switch from inexpensive incandescent bulbs to dearer solid-state lighting in the depths of a recession. They now trade at 45p, valuing the company at £4.2 million, at which level they might repay a long-term speculation.
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