Search:
 
 

SSP Holdings - ACCEPT OFFER

Companies: SSPH   
23/07/2008

Recently recommended by Growth Company Investor as a strong buy at 136.5p, shares in insurance software group SSP have soared on news the group is being taken over by US private equity group Hellman & Friedman.

Recommended by the board, the cash offer, pitched at 190p per share, values SSP at £198m (including debt) and represents a handsome premium of more than 47% to the prevailing 129p price before SSP flagged up takeover talks. Moreover, it gives investors who bought on our advice the opportunity to swiftly bank gains of 40% in cash.

Floated on AIM in October 2006 and led by executive chairman David Rasche, SSP is a fast-growing provider of business-critical IT systems and services to the general insurance sector in the UK, as well as selected international markets. It has grown organically as well as through acquisitions, such as last year’s successful £43m takeover of rival Sirius.

Alongside the takeover details, the company also issued stellar numbers for the year to March, which showed sales increased by 67% to £64.4m, with organic growth running at 12%. Pre-tax profits rose by 38% to £8.8m, whilst profit before tax and exceptional items moved north from £6.6m to £10.3m. We say accept the offer.

    
 

Market cap: £152.46m
PE Forecast: n/a
Share price: 184.5p

AIM£155.76m 188.50p 0.00p
Other company articles:
23/07/2008
23/06/2008
02/06/2008
10/04/2008
10/07/2007

Sponsored Listings

Free Business Banking Free banking for UK businesses - apply online for free business bank accounts and payment cards.

Business Bank Account Looking for business bank account? Review our comprehensive listings.

Find Business Bank Accounts at Ask.com Whatever type of banking services you're looking for, find them with Ask.com. Browse a wide range of financial providers and find what you're looking for in seconds.

Concurrent Technologies
05/09/2008

BUY/HOLD

Goals Soccer Centres
03/09/2008

HOLD

Staffline Recruitment
03/09/2008

HOLD

RCG Holdings
02/09/2008

STRONG BUY

ServicePower
29/08/2008

SPECULATIVE BUY