Healthcare market excites Luxfer boss after IPO
LUXFER, the newly-floated high performance materials and manufacturing company has exciting growth plans in the medical market, according to chief executive Brian Purves.
Among the products the Salford Quays -based, New York-listed company has developed is a bio-absorbable magnesium alloy called Synermag, for used for bone repairs,
The metal will hold the fractured bone together for as long as necessary and then absorb into the patient’s blood stream, without having to be surgically removed and saving time, pain and money.
Mr Purves, 57, who has run Luxfer for 10 years, said: “We do see the healthcare market as the most exciting from a growth point of view.
We had a record half year and then this month raised funds through the IPO which will allow us to complete the products we are developing and take them to market.”
Luxfer, which employs 200 people in the North West out of its total workforce of 1,700, raised around £50m through its Wall Street IPO this month.
In the six months to the end of June the group made record profits of £20.6m (£15.7m H1 2011) on turnover of £168.7m, up 12.5% at £168.7m.
Mr Purves said Luxfer chose to list on Wall Street rather than in London because of better liquidity and track record for manufacturing/engineering businesses.
“In terms of New York, it was more about do-ability – it didn’t feel strange to us. Half of our business is in the US and two of our non-exec directors are US citizens.
“The London market does not have a recent track record of being able to take a manufacturing business through an IPO, while in North America there is a greater degree of liquidity for our business.”
He said his preference would have been to list in London, had this option been available.
As well as the healthcare market, Luxfer supplies the green energy sector, manufacturers gas cylinders for divers and patients with breathing difficulties, supplies metals used to armour military vehicles and also supplies engraving materials and etching chemicals.
