Sports content provider 365 next to float
The latest UK company to announce flotation plans is year-old 365 Corporation -- the Internet content company behind the Football365, Rugby365 and CricInfo365 Web sites.
Company CEO Dan Thompson said Thursday that 365 will seek to raise around £50m through a listing on the London Stock Exchange. The timing has not yet been finalised. The company said it will use the capital infusion to expand into new arenas -- or "passion areas" in 365 parlance -- as well as moving into other media and expanding internationally.
With 190 staff, 365 is 15 percent owned by management and related parties, with a 10 percent stake held by tech investment firm Durlacher and four percent by investment bankers Schroder Group. In the three months ending 30 June, 365 recorded an operating profit before interest, taxation and amortisation of goodwill of £277,000 on revenues of £4.4m.
365 began life in 1998 as a sports newsletter, and now provides content to such companies as Freeserve as well as operating its own string of sites.