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Exova to go for IPO

Exova - provider of laboratory-based testing and related advisory services - today announced its intention to proceed with an initial public offering (IPO), with a listing on the London Stock Exchange (LSE).

The Company intends to apply for admission of its Shares to the premium listing segment of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange (together Admission). The Offer will comprise an offer of new and existing Shares to institutional investors.

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Exova operates primarily within the Testing segment of the Testing Inspection and Certification (TIC) sector. With 117 laboratories in 22 countries worldwide, the Group provides technically demanding, value-added testing for a broad range of advanced materials, components, products and systems to ensure compliance with safety, performance and quality standards.

The Group’s range of accreditations, approvals and accumulated technical expertise allow it to support its customers in its chosen, highly regulated, markets.

Exova has developed a series of integrated management information systems and processes which have supported growth and profitability across the Group. Growth in Exova’s chosen markets has been driven primarily by regulation, innovation, end-user volumes and outsourcing. These are expected to continue to underpin future growth.

Exova simultaneously announces its preliminary results for the financial year to 31 December 2013. The Group’s financial track record has been further enhanced with continued strong performance during 2013, generating total revenues of £279.0m, up 10.0% on 2012, and Adjusted EBITA of £48.1m, up 15.1% year on year.

The Offer will comprise an offer of new and existing Shares. New Shares issued by the Company are expected to raise gross proceeds of approximately £110 million. The net proceeds from the issue of new Shares will be used to repay certain outstanding borrowings under the Group’s existing financing arrangements including redemption of the Group’s publicly traded bonds following completion of the Offer.

Immediately following completion of the Offer, it is expected that the Company will have a free float of at least 30% of the issued share capital of the Company. It is expected that Admission will take place in April 2014.

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In preparation for the IPO, Exova also announces the appointment of a Senior Independent Non-
Executive Director, Allister Langlands, to complement the existing Board under the continued
chairmanship of Manfred (Fred) Kindle. The Company intends to appoint an additional non-executive director by Admission or shortly thereafter.

Fred Kindle, non-executive chairman of Exova, said: “Today’s announcement demonstrates the strength of Exova, following a significant transformation of the business over the last five years. Our teams around the world have built a strategically focused, financially successful company with a sustainable business model. Becoming a public company is a natural next step.
In support of Exova’s continued development, I am delighted to welcome Allister Langlands to our board as Senior Independent Director. Allister brings valuable public company and industry experience to our team and we all look forward to working with him as Exova continues to grow.”

Ian El-Mokadem (right), CEO of Exova, said: “Exova’s success is attributable to the expertise and hard work of our people. By focusing on the provision of technically demanding, mission critical services, we believe we have built an enviable reputation for helping our customers around the world meet their testing requirements.

"We are widely recognised as a leader in our chosen markets. Our clear and distinctive strategy of focusing on the provision of laboratory based testing and closely related services has enabled us to become a faster growing and more dynamic company. We are now well placed to respond to increasing regulatory demands, our customers’ requirements for innovation, and growth in our end markets.

"Our full year results published today demonstrate our strong, sustained financial performance, which is testament to the Group’s development into a highly integrated and focused laboratory network.

"I am very excited by the prospect of our future growth as a listed company. I believe we have the people, the robust systems and technical expertise to continue to fulfil the needs of our customers.”

Full details of the Offer will be included in the Prospectus, expected to be published in due course.

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