Judges subsidiary buys KE 22/02/2012
Scientific instruments specialist Judges Scientific (JDG) has unveiled that its 51 per cent owned subsidiary Deben has acquired Cambridge based rival KE Developments.
Ultimate Finance raises £1m
Small business finance provider Ultimate Finance (UFG) has raised £1 million to help strengthen its balance sheet and reduce its gearing ratio.
The oversubscribed placing was pitched at 13.4p, which represents a discount of just 5 per cent to its current share price. Of more significance, directors Roger McDowell and Matthew Cooper have stumped up £325,000, in addition specialist small cap fund manager Helium Situations has invested £183,000 to take its stake to 22.1 per cent.
Last year the AIM company extended its £34 million facility with Lloyds to a three-year minimum term. This followed increased facilities with Siemens Financial Services and Hitachi Capital. Expansion at Ultimate has been impressive, indeed in the year to July it hiked sales 45 per ent to £9.3 million, as pre-tax profits more than doubled to £1.16 million.
With broker WH Ireland forecasting a rise in pre-tax profits to £1.9 million this year, the fast growing firm is clearly on a roll. The shares, at 14.125p, are worth a look.
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