City Briefs: SIG; Ideagen

SIG, the Yorkshire distributor of specialist building products in Europe, has refinanced its £250m revolving credit facility on more “favourable” terms.

The new five-year facility, which matures in October 2019, has been secured with five banks, four of which (Barclays, HSBC, Lloyds and RBS) are existing lenders to the group.  The fifth, Commerzbank, introduces a new relationship.

This facility ensures SIG has sufficient funding headroom and liquidity to support its medium-term strategic plans.

Earlier this year, the Sheffield-based business reported a 23.5% rise in underlying pre-tax profit to £41.5m and a 20.7% increase in underlying operating profit to £47.8m for the six months to the end of June. Revenues from continuing operations increased 6.5% to £1,286.9m.

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IDEAGEN, a supplier of information management software to highly regulated industries has won its largest single NHS contract to date.

The new £1m contract is with Doncaster and Bassetlaw Hospitals NHS Foundation Trust and is for the supply and implementation of the group’s patient information solution dart/KW. This solution will enable the trust to digitise and consolidate its records across a number of sites.
 
David Hornsby, CEO of Derbyshire’s Ideagen, said: “I am delighted with progress so far this year and the new contract is a testament to the momentum of the group and the opportunity available to us. We are seeing increased traction in our governance, risk and compliance business and the NHS continues to be a strong market for the group; both of which are evidenced by the group’s robust trading.”

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