Last checked at 8 Dec 2008 07:00
8 DECEMBER 2008
SCIENTIFIC DIGITAL IMAGING PLC
("SDI" or "the Company")
FIRST DAY OF DEALINGS ON AIM
Scientific Digital Imaging plc, the digital imaging company, is pleased to announce that dealings in its ordinary shares have today commenced on AIM, a market operated by London Stock Exchange plc, under the ticker symbol "SDI".
SDI is focused on the application of digital imaging technology to the needs of the scientific community. Its products address areas such as DNA and protein analysis and various forms of microbial colony counting. The Company intends to pursue a focused strategy of acquiring digital imaging companies in the life sciences sector and in other scientific markets, as well as seeking to generate organic growth.
Highlights:
Well positioned to exploit consolidation opportunities within the digital imaging market
Strong Board and Management Team with a proven track record
Two new acquisitions already completed in October 2008
Good growth in operating profits since 2006
Synoptics, SDI's primary subsidiary, currently employs 30 people at its headquarters in Cambridge, UK, and 9 people at its wholly-owned sales subsidiary, Synoptics Inc., based in Maryland, USA. In October 2008 SDI acquired two companies ("Artemis" and "Perseu") engaged in the design and manufacture of high-sensitivity cameras for both astronomical and life sciences applications.
SDI has seen an increase in turnover from £4.8 million during the year ended 30 April 2006 to £5.7 million during the year ended 30 April 2008. The Company emerged from a period of investment in 2005/06 to become solidly profitable in 2006/7 and returned pre-tax profits in 2007/08 of £313,000 (before one-off reorganisation costs).
Whilst the overall economic outlook remains uncertain, the Directors believe that the nature of the Company's customer base, being mainly academic and research organisations, will provide the stability to underpin its operational and acquisition strategy and help the Company to grow in the long term.
The Company has in issue 16,663,842 ordinary shares of 1p each with an expected opening price of 12p per share and a market capitalisation of £2 million.
Commenting on the admission to AIM, Non Executive Chairman Harry Tee CBE, said:
"We are delighted that SDI has successfully achieved admission to trading on AIM and look forward to its development as a publicly quoted company. There is a real opportunity for us to grow the business by acquisition in a fragmented market ripe for consolidation.
"SDI is performing well in a difficult trading environment and we are confident our acquisition strategy will prove beneficial in the medium to long term."
Grant Thornton UK LLP is acting as Nominated Adviser and Dowgate Capital Stockbrokers is acting as Broker to the Company.
- ENDS -
FOR FURTHER INFORMATION
Scientific Digital Imaging plc 01223 727144
Harry Tee CBE, Chairman
Phil Atkin, CEO
www.scientificdigitalimaging.com
Grant Thornton UK LLP 020 7383 5100
Philip Secrett
Colin Aaronson
Dowgate Capital Stockbrokers 01293 517744
Neil Badger
Bishopsgate Communications 020 7562 3350
Maxine Barnes
Will Tindall
sdi@bishopsgatecommunications.com
NOTES TO EDITORS
About SDI
Scientific Digital Imaging is focused on the application of digital imaging technology to the needs of the scientific community. SDI, through its subsidiaries, offers a range of digital imaging solutions and intends to acquire other companies that are capable of contributing one or more key elements to the solutions required including an in-depth understanding of the applications in the marketplace, the ability to engineer complete systems to address such applications and the provision of key, high-performance components such as cameras.
In October 2008 SDI acquired Artemis CCD Limited and Perseu Comércio de Equipamento Para Informática e Astronomia SA, companies that design and manufacture high-sensitivity cameras for both astronomical and life sciences applications. Synoptics currently employs 30 people at its headquarters in Cambridge and 9 people at its wholly-owned sales subsidiary, Synoptics Inc., based in Frederick in Maryland, USA.