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Acertec float on the stockmarket

Acertec, one of the UK's leading manufacturers of engineered steel products for use in the automotive and construction markets and parent company of Stadco, has announced the successful completion of its placing and admission to AIM.

Stadco is the UK's largest supplier of body-in-white pressings and sub-assemblies to automotive original equipment manufacturers and has a strong and successful track record with major vehicle manufacturers.

The placing price of 148p per share on commencement of dealings on AIM gave Acertec a market capitalisation of approximately £76 million. The placing was fully underwritten by Collins Stewart.

In addition to Stadco, Acertec’s Construction Products division ("BRC") is the UK's largest supplier of engineered steel products (re-bar and mesh) used in concrete construction.

In the year ended 31 December 2005 Acertec's turnover from continuing operations was approximately £281 million and operating profit before goodwill and exceptionals from ongoing operations was £12.7 million.

John Sword, Acertec Chief Executive, commented: "Acertec has received a strong reception from investors and we are delighted to have listed on AIM. Acertec's principal operating subsidiaries, BRC and Stadco, are very successful businesses and each has good growth prospects. Stadco, which manufactures components and sub-assemblies for car bodies, is the UK's leading manufacturer in this sector and also has a substantial operation in Germany; it is now poised to venture further afield as vehicle manufacturers expand in emerging markets. We are excited about returning to the stock market and look forward to delivering on our plans for our new investors."

Andrew Morriss, Managing Director of Stadco, added: "Stadco has made major strides recently and is looking at a number of overseas projects which would significantly expand our operations. We have a resilient and cost competitive business which promises much in the future".

Past performance cannot be relied on as a guide to future performance.