Motor claims management firm Accidentcare Group has put off plans to float on the Stock Exchange's Alternative Investment Market (AIM).
Earlier this year, co-founder and chief executive Sachel Singh said he would move his company up to AIM by spring.
AIM is a regulated stock market designed mainly for smaller companies. The company's shares are currently traded on the unregulated “matched bargain” facility Ofex.
However, now the plans have been placed on hold “until such time as stock market conditions become more favourable,” Singh said.
He was speaking as Accidentcare Group announced full-year results for 2000 showing sales up 25% to £2.6m.
The company showed a loss of £159,000 for that period, against a profit previously of £16,000. This was due to an accounting change which meant more than £300,000 of profit has been deferred into 2001.
Accidentcare Group also confirmed it had raised £550,000 net through a share subscription, which will be used to boost the group's asset position.
Singh said the market for accident claims handling continued to expand, as insurers sought long-term relationships with strategic partners to help them accommodate the peaks and troughs of demand.
Its membership base had grown steadily throughout the past 12 months, and since the year's end the group had benefitted from collaboration agreements signed last year.
Accidentcare Group has also forged marketing alliances with insurers and service providers, including Policy Master, Global Telematics and Europ Assistance.
“We intend to continue to forge strategic affinity partnerships to expand our membership base and to further develop customer driven membership schemes,” Singh said.
