Harpenden, Hertfordshire-based Vega Space Systems Engineering Ltd, a systems integrator focused on the European space industry, is seeking a stock market listing that values the company at UKP17.2m. The 24-year-old firm, named after a bright-shining star, reported pre-tax profits for the year to April 30 up 14% at UKP1.4m on turnover up 26% at UKP6.3m. It provides services in the areas of spacecraft systems, ground systems, launch vehicles, orbitel mechanics, flight dynamics, communications and computer software. The European Space Agency accounts for a whole half of Vega’s revenues; other customers include British Telecom International, Inmarsat, Eutelsat, GEC Computers Ltd, Marconi Communications Systems Ltd, the UK Ministry of Defence and the Royal Aircraft Establishment. Software projects to date have involved developing three-dimensional graphics simulators for modelling model satellite attitude and orbit control subsystems. Other software packages, which Vega supplies with associated computer hardware, are for scientific data reduction, operations scheduling and performance analysis, and the company also developes its own real-time man-machine interfaces and software development environments. Vega’s chairman is John Rigg, who used to own space company Marcol until the business was bought out by Cray Electronics Plc in 1988. In 1989, Rigg’s family trusts paid just under UKP1m for a 47% stake in Vega – this has since been reduced to 26%. The placing, by broker Benson Gregory, is at 122 pence a share to raise UKP5.33m, valuing the company at 18.4 times earnings and giving a yield of 2.5%. No new money is being raised for the company; dealings start on Thursday.
