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16 June, 2006 - 14:57 By Staff Reporter

May Gurney debuts on AIM through £130m float

Integrated support and construction services firm says its over-subscribed AIM listing provides a strong platform for future growth.The initial public offering was almost two times oversubscribed with 23,728,116 shares placed at 186 pence per share, raising £44.1 million and valuing the company at £130.6m.

May Gurney has a seven-year track record of growing turnover and profits alongside strong cash flow generation, which has seen EBITA increase from £2.2m in 2001 to £13.7m in 2006.

Its forward order book is in excess of £1.1 billion in total, of which over £900m is secured and an additional £250m expected under framework contracts. The company said that the majority of revenues for the year to March 2007 were also secured.

May Gurney’s strategy is to grow both organically and through selective acquisition opportunities in what it sees as a consolidating UK support services market place, with the majority of the its revenues being derived from maintenance and enhancement spend.

Dealings are expected to start this week.

Law firm Eversheds advised on the placing and admission to AIM.

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