CBG
HOLDInsurance broker and financial services specialist CBG Group has raised £1.65m at 120p in today’s tough market conditions to fund growth and acquisitions.
The Manchester-based company, whose growth has already been fuelled by takeovers, has secured this new funding in a placing with institutions through Zeus Capital and Religare Hichens, Harrison. AIM-quoted CBG, which recently negotiated increased banking facilities with Royal Bank of Scotland, says it will use these and the placing proceeds to expand the business organically and seek any suitable acquisitions in insurance broking.
Chairman Laurie Turnbull claims that institutions’ willingness to increase their holdings in CBG in the midst of current financial markets turmoil ‘is a testament to our proven successful track record’. Acquisitions helped the company increase pre-tax profits 48 per cent to £930,000 in the first half of this year.
Floated at 36p in 2003 and recommend by Growth Company Investor the following year at 42.5p, CBG shares reached 191p last December, after GCI suggested partial profit taking at 142.5p, before entering choppier waters. Now 137p, valuing the company at £19.3 million, they should outperform several peers at a time of likely sector consolidation and are worth holding on to for eventual improvement.
Save 50% off your first year’s subscription to Growth Company Investor magazine, and gain immediate access to all the recommendations online. Click here.
- Reduce text size Decrease text size
- Increase text size Increase text size
- Print article Print
- Share this article Share
- Email article to a friend Email
Market cap: £19.3m
PE Forecast: n/a
Share price: 137p
Subscribe today
More breaking news stories.
More extended feature articles.
And a depth of analysis you
can't find anywhere else.
Advertisement
VCT Report 2010
VCT Report 2010 uncovers the money available
for investment in every single VCT, helping you get one step ahead in the race to attract funding for your unquoted, AIM-listed or PLUS-quoted
company.
Order VCT Report 2010 today using this online form
Cash Shells Directory 2010
A comprehensive overview of cash shells on AIM and PLUS, companies that have become a significant feature on the market landscape. For more information and to order, click here or contact our marketing team on 020 7250 7056.
Coverage of AIM, techMARK and PLUS Markets
Informative features and research on fast-growing companies, small-cap and growth stocks, penny shares, stock market tips and share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.
Take control of your investments
A full year's subscription to What Investment magazine for £19.95, a whopping 58% off. Get the latest news, features and expert advice on ISAs, Investment Trusts and Funds, SIPPS, Investing for Children and much much
more. Find out more here.
The Financial Times Guide to Personal Tax
is the definitive and most up-to-date guide to completing your self-assessment tax return, making sure that you get it right and on time, and showing how you can save tax. For more information and to order, click here or contact our marketing team on 020 7250 7056.
The AIM Guide Spring 2010
The new, fully updated AIM Guide is now available to buy for only £49.95 (saving you £30).
A 'must-have' for any serious investor or professional interested in the market for young, fast-growing companies. Order your copy today Hurry, as offer ends soon!
Share recommendations and small-cap stock picks
Small-cap and growth company share recommendations on AIM- and PLUS-listed companies. Latest analysts' stock tips and advice on which are the best shares to buy on London's junior stock markets.
Popular Recommendations
Advertisement
Latest Recommendations
Delcam 01/09/2010
Delcam, the international seller of CAD/CAM software to the engineering, aerospace and healthcare sectors among others, is a cash-generative small-cap seeing recovery in its markets.
Antisoma 01/09/2010
Bombed-out biotech play Antisoma is hoping two of its drugs will lead to good fortune after experiencing disaster with lung cancer treatment ASA404.
The Capital Pub Company 31/08/2010
London pub operator The Capital Pub Company is seeing continuing sales growth on the back of a surprisingly resilient market.
Sectors
