news Shareleague Thames Valley presented by in association with
Costain, the Maidenhead- based smart infrastructure solutions company, issued a trading update ahead of its 2018 report which showed it continued to perform well in the second half and expects to deliver full-year results in line with the Board’s expectations.
The group, which continues to be involved in a number of major regulatory-driven procurement processes, finished the year with an order book at a record level of £4.2 billion, and with a strong net cash position of over £110 million – in line with expectations.
The statement helped the share price to rise 24% in January, the highest rise for any medium/large business based in the region.
But the month’s honours went to Futura Medical, the Guildford pharmaceutical minor quoted company developing a portfolio of innovative products for two large markets – sexual health and pain. Its share price rose an amazing 132% after positive reports on its latest research,
Chief executive James Barder, who describes Futura as a “medtech” rather than biotech business, said its lead product MED2005 had a big advantage over Viagra because of its very quick reaction. He said research suggests a 20% market share could be possible, equating to sales of $560m in major western markets.
Large (over £1 billion) Adjusted price
ASHTEAD GROUP SERCO GROUP SPECTRIS SEGRO
BIG YELLOW GROUP CABLE & WIRELESS GLAXOSMITHKLINE RWS HOLDINGS
RECKITT BENCKISER GROUP VODAFONE GROUP
31/01/2019 1928.5 110.4 2601 647
958.5 37.92
1477.2 468
5863 138.58
Adjusted price 31/12/2018 1637 95.6 2279 588.6 873.5 37.92
1491.2 479
6013 152.9
Medium (£250 million to £1 billion) Adjusted price
COSTAIN GROUP
DISCOVERIE GROUP SDL
DAIRY CREST GROUP GALLIFORD TRY
ACCESSO TECHNOLOGY GROUP RPS GROUP
OXFORD BIOMEDICA XP POWER (DI) VITEC GROUP
31/01/2019 390 419 550
483.4 709
1430 134 690
2050 1160
ANGLE NANOCO GROUP
MICHELMERSH BRICK HDG. MICROGEN
OXFORD METRICS LOK’N STORE GROUP KEWILL DEAD - 06/07/12
TIMEWEAVE DEAD - 14/11/12 TISSUE REGENIX GROUP RENEWI
31/01/2019 60 44
86.8 390 81.5
402.5
109.75 22.75 5.75 25.5
Sub £50 million Adjusted price
FUTURA MEDICAL STARVEST
BEZANT RESOURCES INTERSERVE
EGDON RESOURCES TRIAD GROUP CALCULUS VCT
OXFORD TECHNOLOGY 2 VCT CATENAE INNOVATION
OXFORD TECHNOLOGY VCT
31/01/2019 14.25 3.1
0.15 12.6 8
35.5 65 40
0.085 35
Adjusted price 31/12/2018 315.5 363
477.5 422.2 623
1450 136
707.2 2105
1192.5
Small (£50 million to £250 million) Adjusted price
Adjusted price 31/12/2018 39
38.3 76
341.5 72.5
402.5
109.75 22.75 6.5
32.95
Adjusted price 31/12/2018 6.15 2.15 0.12
10.62 7.13 37.5 70
44.5 0.095 40 -
Growth 18%
15% 14% 10% 10% 0%
-1% -2% -2% -9%
Growth 24%
15% 15% 14% 14% -1% -1% -2% -3% -3%
Growth 54%
15% 14% 14% 12% 0% 0% 0%
-12% -23%
Growth 132%
44% 25% 19% 12% -5% -7%
-10% -11% 13%
Merger of BDO and Moore Stephens now complete
BDO LLP has completed its merger with Moore Stephens LLP, creating the largest UK accountancy and business advisory firm focused on mid-sized, entrepreneurially-spirited businesses.
The move creates a 300-strong team for BDO in Reading based across two offices in Thames Tower and Blagrave Street. The move also sees BDO extend its regional presence with a new office location in Watford.
The merged firm will operate under the BDO brand and as part of BDO’s international network, which has 80,000 people and revenues of $9 billion across 162 countries. In the UK, BDO now has a combined workforce of 5,000 people across 17 locations, delivering revenues of £590 million.
The merger, which relates to the London, Birmingham, Bristol, Reading and Watford offices of Moore Stephens, will make BDO the third biggest auditor of listed companies strengthening its position as calls to improve quality and competition at the upper end of the audit market continue.
In addition, the merger cements BDO’s ranking as the UK’s leading auditor to AIM-listed companies and will enhance its expertise in sectors including financial services, insurance and shipping.
Simon Brooker, BDO partner in the Thames Valley, said: “Having been in talks for a number of months, I am proud we have reached the point where we are officially one firm. There couldn’t be a better time for our two firms to join forces.
“The audit market is going through a significant period of reform and our clients are facing unprecedented uncertainty as Brexit looms. However, with uncertainty comes opportunity and together we are in a position of strength to help ourselves and our clients be at the forefront of that change.
“Our clear sense of purpose and strong growth strategy will help our entire team make this merger a huge success.”
Miles Hewitt-Boorman, BDO partner (formerly head of Thames Valley at Moore Stephens), said: “From the moment we started our conversations, our shared ambition was to create a fully-integrated firm that our people are proud of and one which leads in serving what we call the ‘economic engine’ – the entrepreneurially-spirited, mid-sized businesses that are driving UK growth.
“By combining our expertise we have created a market-leading firm in the region, enabling us to deliver an increasingly impressive range of services to help our people and clients succeed.”
About BDO, the merged firm:
• 5,000 people, including 300 partners • Revenues approaching £600m
• 17 office locations across London, Reading, South East, Southampton, Bristol, East Anglia, West Midlands, East Midlands, Yorkshire, North West and Scotland
• Mid-market sector leadership in major sectors, including manufacturing, retail, TMT and financial services
• Leading adviser for AIM businesses
• Within a $9b global network, providing much-needed, greater choice in the market for larger businesses
• The leading accountancy and advisory firm focused on mid- sized, entrepreneurially-spirited businesses.
6
businessmag.co.uk THE BUSINESS MAGAZINE – MARCH/APRIL 2019
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