Hastings set for London float

Broking firm Hastings Direct has begun preparations for its 2012 initial public offering and is aiming to float on the London Stock Exchange’s main market, according to chief executive Edward Fitzmaurice.

“We would hope the business will be substantial enough to be on the main board,” he said.

The company is on track to float next year. It will need to consider its corporate governance and board structure, as well as appointing advisers. As announced in October, Hastings expects earnings before interest, taxes, depreciation and amortisation of £20m for the accounting year to 30 June 2011.

“We are on track to do that,” Fitzmaurice said. “We are investing in new systems and control rooms, and we have put a lot of effort into our anti-fraud activities.”