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£20M share issue for May Gurney

CONTRACTOR MAY Gurney this week announced plans to float on the AIM arm of the London Stock Exchange to raise up to £20M.

'We want to increase our profile and support our growth, ' chief executive David Steery told NCE. 'The money raised will provide opportunities for selective acquisitions.'

The Norwich-based company works in a broad range of sectors, including road, waste and water. It is understood that new acquisitions will support these businesses.

Another reason for the flotation is to allow employees that took part in the 2001 management buyout to sell their shares and realise their investment.

'However, one of the key things to know is that we, the directors, are leaving our shares in the company, so May Gurney is still going to be an employeeled business, ' added Steery.

The top 10 civils contractor has shown sustained growth since Steery led the management buyout five years ago. Between 2002 and 2005 it acquired a new firm every year.

Its growth has been continuous, with turnover for 2006 at £364.9M, up from £301.8M in 2005, although its profit margin has remained constant at 3.7%.

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