Argus Media statement
11 November 2015
Argus Media today confirmed that it has
appointed financial advisers to review strategic options for the next phase of
its development as a leading provider of pricing information to global
commodity markets.
The London-based company employs some 750
people in more than 20 locations around the world, half of which are specialist
reporters, who supply critical price data to thousands of customers trading in commodities
such as energy, metals, petrochemicals and fertilizers.
Argus has grown its business at an average
yearly rate of 24 per cent over the last five years and now has annual revenues
to June 2015 of £124.4 million ($187.7 million) and profit before tax for the
last financial year of £32.5 million ($49.1million).
“We think the scale of our operations is at a
point where we need to transition from a privately-owned family business to a corporate
structure that better matches what I see as our very significant long-term
potential,” said Argus Executive Chairman and Publisher, Adrian Binks.
Argus Chief Executive Neil Bradford said the
company had engaged Bank of America Merrill Lynch (BAML) to examine a number of
approaches recently received from prospective investors, including trade buyers
and private equity funds, and to test the market for other possible partners.
“Our aim is to allow those of our current
shareholders who wish to exit to do so at a full and fair price,” said Binks. “We
have a highly-regarded brand, powerful performance, strong management,
first-class staff and growth prospects well demonstrated by our track record. I
believe that’s a package that will appeal to many investors.”
Bradford said BAML would be examining
existing approaches and seeking interest from the wider investment community
over the coming months, before reporting to the Argus board early next year.
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