Adventis Group raises funds with share placing

Adventis Group has announced a placement of new shares that will raise approximately £825,000 for the company.

The AIM-listed marketing firm revealed that 4,351,600 ordinary shares have been placed at a cost of 25p each, accounting for approximately ten per cent of the company’s issued share capital.

According to Adventis, the proceeds of the share placing will be used to strengthen the firm’s existing growth strategy and pursue new opportunities for expansion.

“The group remains profitable and is making use of this market downturn to evaluate various strategic and well-priced acquisition opportunities,” said chief executive Charles Phillpot.

In September, Adventis published its interim results for the six months to June 30th, revealing total operating revenue of £5.6 million – down from £6 million in 2008 – and profits of £0.73 million.

Commenting on the figures, Mr Phillpot said that the group’s pharmaceutical and technology divisions “continue to generate good profits” despite the market downturn.