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GenMed plans acquisitions

By Rebecca Curwin on January 05 2007

General Medical Clinics (GenMed) has joined PLUS Markets, valuing the primary medical care provider at £5.98 million. The company also raised £1.5 million by issuing 4.4 million shares at 34p each.

GenMed provides healthcare in the City, specialising in areas such as health screening, occupational health programmes and physiotherapy. It runs three clinics and an NHS walk-in centre.

The proceeds of the float will fund growth, the opening of centres in other parts of London and the acquisition of further clinics.

Chief executive Jerry Appleyard says: 'Central to our growth strategy is acquisition and in this regard a number of possible earnings-enhancing opportunities are already presenting themselves to us. Together with a range of organic growth initiatives, we are confident of delivering value to shareholders.'

London-based GenMed now has 16.3 million ordinary shares at 5p each on PLUS and has about 100 shareholders. It generated a pre-tax profit of £365,059 in the year ended May 2006, compared with £136,662 for year-end 2005.

Axiom Capital is corporate adviser to GenMed.

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