IPO candidate Edwards sees stronger second half

Edwards Group, the vacuum technology firm that is preparing for a sale or flotation, said it “rapidly recovered” from the global downturn and would grow sales and profits further in the second half of the year.

In a statement, the firm said first-half net sales rose 74 per cent compared to a year earlier, to £298m. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to £59.8m, from £2.2m a year earlier.

“For the second half of 2010 Edwards has high levels of order coverage and anticipates underlying revenue growth over the first half with the contribution flowing through to operating profit and cashflow,” the company said.

People familiar with the matter say Edwards’s private equity backers value the firm at about £1.5bn. Morgan Stanley, Goldman Sachs and Bank of America Merrill Lynch have been hired as advisers for a potential deal.