21 January 2005
Inspace, the property support services arm of construction firm Willmott Dixon, is set to float on the London Stock Exchange this year, after its turnover exceeded £100 million for the first time.
The move is expected to provide equity to fund further growth and help generate additional revenue. The proposal to demerge more than 90 per cent of Willmott Dixon's shares in Inspace was sanctioned by an extraordinary general meeting of shareholders on 21 December. The balance of shares will be retained by Willmott Dixon as a strategic investment.
As a result of the flotation, group chief executive Colin Enticknap has been appointed executive chairman where he will drive Inspace's Aim listing. Rick Willmott, previously the group's chairman will become CEO.
The rapid growth of Inspace enabled Willmott Dixon to announce record interim results for the six months ending 30 June 2004. Pre-tax profit was up 50 per cent on the same period last year to £3.47 million and the full-year forecast was increased to a record £10 million pre-tax profit on £400 million turnover.