Focusrite Audio Engineering’s Phil Dudderidge has confirmed to PSNEurope that the audio equipment manufacturing firm he founded in 1989 is preparing to float on AIM, the London Stock Exchange’s international market for "smaller growing companies". The news was leaked to The Sunday Times and published last weekend.
Focusrite is being advised on the float by stockbroker Panmure Gordon. Dudderidge, Focusrite executive chairman, said he was not currently in a position to comment further on the matter.
Based in High Wycombe, Bucks, Focusrite Ltd was formed by studio design legend Rupert Neve in 1985, and acquired by Dudderidge (who had already created and sold Soundcraft) in 1989, when it became Focusrite Audio Engineering. In 2004, Dudderidge bought the Novation synthesizer company out of administration. Dave Froker, ex-Line 6 and Stanton Group, joined as CEO in early 2012. (Froker is pictured here, left, with Dudderidge at Prolight + Sound 2012.)
Turnover for Focusrite increased from £25.3m to £36.1m in the 12 months from Aug 2012 to Aug 2013, and pre-tax profits were £5m for the same period.
Focusrite currently employs 114 in the UK, 20 in the US and three in Germany. For the last three years, the company has featured in the Sunday Times Top 100 Best Small Size Companies list. “Staff levels increase monthly!” joked Dudderidge.