Tech duo poised for share floats

WITH more than a hint of the heady days of the technology bubble, two companies appearing to suffer from an 'e' overdose are crystalising plans to float on the London Stock Exchange.

A former Marconi unit, once known as English Electric Valve (EEV) but now trendily renamed e2v, today announced its plans to list on the main market next month valued at around £100m.

The Chelmsford-based business, which employs 1,300 people, was sold two years ago by the then deeply-troubled Marconi for £72m to a management buyout team backed by venture capital house 3i.

With an annual turnover of £100m, the company manufactures high-performance electronic tubes and sensors used by the medical profession in cancer treatments and dental imaging, as well as by the military in satellite and radar technology.

Chief executive Keith Attwood cautioned against writing off e2v as a Marconi-tarnished tech start-up.

'We've been around since 1947 and are profitable, making £10m of operating profits,' he said.

Another tech company, 2e2, is also hatching plans for an imminent market debut on the junior Alternative Investment Market.

Formerly known as 2escape2, the IT-managed services company aims to raise £20m in a flotation that will value the company at around £60m.

It employs nearly 800 people, and makes operating profits of around £6m on sales of £75m.