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Defence and insolvency boom
Interest burgeoned in defensive protective security services venture ArmorGroup International, headquartered in London and boasting a major office in Washington DC, following news of a massive US Department of State weapons removal deal. ArmorGroup, which listed on the main board in December, is one of three contractors selected for this five-year weapons removal and abatement programme, which could be worth as much as
$500 million. The programme provides for ‘all aspects of humanitarian mine action’, as well as the destruction of small arms/light weapons and hand-held surface-to-air missiles in global areas of recent conflict. On AIM, insolvency business Begbies Traynor inched closer to its goal of doubling revenues by 2008 through the acquisition of Leeds-based peer MCF for up to £3.7 million. Begbies, which currently has 3.5 per cent of the UK insolvency market, is keen to grow quickly through acquisition, having snapped up Essex-based A Segal back in February for £450,000. And the junior market is also bracing itself for the debut of another support services play, Ashton Penney, one of the country’s biggest independent providers of interim executives. The company, set to float this month at 22p, will be valued at a shade under £6 million. Analysts think the firm is less prone to any downturn, since demand for its services typically rises when organisations hit turbulent times.
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