The FM Company plc Raises Cash
Added: (Wed May 18 2005)
Pressbox (Press Release) -
The FM Company plc is raising £1.25 million through an offer for subscription to fund the sales growth of new technology that helps businesses to manage the delivery of maintenance and other services by external contractors. The internet-based system links buildings of all types with service organisations, and the progress of work is updated on site via a patented touch-screen ‘site terminal’ to record management information.
Customers include Hilton International, who can now monitor maintenance activity ‘in real time’ over the internet at all their hotels from any location in the world. There are also trials with Co-operative Insurance Society, Prudential Property Investment Managers and other users – and agreements in place with service providers that include Otis Elevator and Schindler Lifts.
The FM Company, based in Surrey, is offering up to 3.3m shares, some 25 per cent of the equity, at 38p a share, to finance additional working capital and sales support staff.
The company subscribes to the 535X online news and information service for small capitalisation public companies, which enables investors to view current indicative share prices. Founder and chairman Adrian Godwin says the intention is to list on AIM within the next 12 months.
Turnover was just under £150,000 for the year to September 2004. The company is expected to move into profitability in 2005, with annual sales then increasing to £10 million by the end of 2007 from application service subscriptions for a projected 3,800 buildings in the UK. The domestic market alone for outsourced facilities management was valued at £110 billion in 2004, with growth of 6 per cent in the current year, 2005 (source: Mintel).
The new system was invented by Adrian Godwin, who was previously managing director of an international firm of consulting engineers. From his experience in advising on the maintenance of lift installations, he identified the opportunity to use the internet to provide premises’ occupiers with fast and accurate information on planned maintenance and site visits in response to service requests.
Service personnel log their arrival and departure and any critical service information on the touch-screen operated ‘site terminal’ which is installed in each building. Data on site visits, maintenance schedules and other performance indicators is stored on a central database, operated by the FM Company, which can be viewed over the internet by client businesses and service contractors.
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