Telspec for market in pounds 5m placing

TELSPEC, an international telecommunications company, is coming to the stock market via a placing to raise about pounds 5m, writes Russell Hotten. It accompanied yesterday's pathfinder prospectus with news of a pounds 7.5m order from Germany's Bundespost national telecommunications business.

The company, founded in 1975 and wholly owned by Frank Hackett-Jones, designs and manufactures telecom equipment. About 40 per cent is being placed and a flotation price and profit forecast will be announced on 2 December.

Interim results for the six months to 30 June showed turnover of pounds 8.53m and pre- tax profits of pounds 1.94m. The order book, including the latest deal, stands at pounds 25m.

Mr Hackett-Jones is looking for continued expansion overseas and funds from the flotation will be used to finance service and support facilities in Germany, Turkey and the Far East.