Major role in flotation

10:37am Thursday 13th March 2008

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ACCOUNTANCY and financial services group Smith & Williamson has helped float a Salisbury horseracing technology company.

Smith & Williamson was appointed by TurfTrax to work on its admission to AIM, the junior stock market.

TurfTrax, which has 30 staff, distributes data to the horse racing, betting and media industries internationally, with rights to gather data from racecourses in the UK.

It raised £3.2m through the placing of eight million shares at 40p a share.

With a total issue of nearly 44 million shares, the business is valued at £17.5m.

Julie Mutton, assurance and business services director at Smith & Williamson, said: "We're delighted to help bring TurfTrax to AIM.

"TurfTrax's innovative technology has undoubtedly appealed to investors in challenging market conditions, and the company is well placed to benefit from the UK's betting turnover, which was in excess of £10bn in 2006."