Just floated this morning on plus markets and looks very reasonably priced. 1.5 million raised at 35p per share. Market cap just over 6 million. Companys profitable and trades on a forward P/E to May 2008 of circa 10.7. Management team look sound and growth should be on the agenda. One to tuck away I feel. Well worth further consideration.

GENERAL MEDICAL CLINICS PLC PLUS-quoted
Profile
GENERAL MEDICAL CLINICS PLC

General Medical Clinics Plc ("GenMed") provides primary medical care in the
City specialising in general practice, health screening services, occupational
health programmes, physiotherapy, and nurse-led functions such as travel
vaccinations.

Operating three private clinics, in 2005 it won a five year contract from the
Department of Health ("DH") to operate the first privately run NHS Walk-in
Centre in London paying a stable monthly income stream plus payments per
patient seen.

GenMed's core product provides private GP services including the Company Doctor
Scheme with corporate organisations paying a fixed fee per employee covering
unlimited consultations with a doctor or nurse.

The Scheme's stable source of annual income is enhanced by self-pay membership
programmes and self-pay walk-in services.

GenMed intends to bid for new contracts for services to the DH within the M25
region.

Company website........
http://www.genmed.org.uk

Link to plus market...

http://www.plusmarketsgroup.com/details.shtml?ISIN=GB00B1LD2D14

Nb, no chart available yet.

DYOR.

Moving along nicely already, I expect further interest in these come tuesday when everyone is back from the festive holidays.

Top of the gainers list............ NICE.

Looking at the pre float figures this one at 35p at a P/E of just 10 should be at least double that so a SP of between 70p and 80p shouldnt be very far off the mark in very quick time.

One of the best Ofex listings in my opinion of the last few years.

Shareholders with interests in excess of 3% in the capital of the Company are
as follows:

SHAREHOLDER CURRENT OPTIONS ASSUMING
SHAREHOLDING EXERCISE OF
OPTIONS AND
WARRANTS IN FULL
SHARES % OF SHARES % OF
TOTAL TOTAL
Lend Lease Property 1,872,457 11.48% 1,872,457 10.65%
Corporation Ltd Note 1
Societe Generale d'Investissements 825,000 5.06% 825,000 4.69%
Note 2
Dr M Paul (director) Note 3 750,000 4.60% 120,000 870,000 4.95%
Watertown Investments Inc 750,000 4.60% 750,000 4.26%
L Johnson 736,000 4.51% 736,000 4.19%
S M Paul 700,000 4.29% 700,000 3.98%
Nexus Structured Finance Ltd and 683,395 4.19% 683,395 3.89%
subsidiaries Note 4
Sir P Michael 681,839 4.18% 681,839 3.88%
A A Chambers 600,000 3.68% 600,000 3.41%
J Appleyard (director) Note 5 7,000 0.55% 580,645 587,645 3.34%

Interesting to note that a move to AIM within 2 years could be on the cards. Check out the Hardman Broker Note.

Could be a very interesting day to come here.

Solid movement upwards already. Carrying on from Fridays debut.

Up 9% on the day so far and trades at a big discount to sector peers on a forward P/E of just 12.5.

Far too cheap.

Interesting to note in the Hardman Broker report the analyst
states that "this company has never undertaken a comprehensive marketing programme. A structured marketing/saleseffort could create some significant and quick returns".ENDS.

Whats the betting we get this campaign VERY SOON.

A high visibility of earnings with this one with 43% of revenues contracted.
Strong cash flow and low customer credit risk, customers pay in advance and almost invariably have high credit ratings.

Interesting to note this from the Broker report...

Peer group and
valuation

Relatively few quoted companies exist which
are comparable to General Medical.
Company Health offers medical examination
services for life assurers and occupational
health services. It is highly illiquid, with 80%
of the shares tightly held by a small number of
major shareholders. Its profit margins are also
lower than General Medicals (ebit margin of
2.1% against 6.6%, and ebitda margin of 6.0%
against 9.8%).

Care UK is involved mainly in running care
homes and independent hospitals, but also
operates a range of primary care services
including out-of-hours GP services. It is the
most profitable of the three companies on an
ebit and ebitda basis.

Because this is a small group of peers, we have
also looked at General Medical against the
general business support sector. This currently
trades on a historic PER of 30.5 and
prospective of 16.8. Extrapolating growth of
10% we expect a year two forecast PER of
15.1x.


General Medical

Historic P/E ForwardP/E
10.0 10.3*

Care UK

Historic P/E Forward P/E

30.7 24.1

Company Health

Historic P/E Forward P/E

19.2 11.2

Support Services Sector

Historic P/E Forward P/E

21.5 17.3

General Medical appears to be valued at a
discount to both Care UK and to the business
support sector. It is on a similar rating to
Company Health, but its higher level of
profitability justifies, we believe, a premium.


* now circa 11.7

A tick up today, slowly but surely.

And another tick up. Still cheap on a forward P/E of just over 12.

And up she goes again.

Yesterdays late news...

http://www.plusmarketsgroup.com/story.shtml?ISIN=GB00B1LD2D14&NewsID=24188

Article from the Broker Hardman January issue just out...

GENERAL MEDICAL
CLINICS

General Medical Clinics has
had a barnstorming start to
stock market life, with the
shares rising from 35tp to
45p in the first week of
trading on PLUS Markets.
We are not surprised
General Medical had net
cash even ahead of the
fundraising that
accompanied the arrival on
PLUS Markets, and had
established a good profits
record. There are few
companies on PLUS
Markets in such a strong
position.

This company provides
primary health care
facilities in the City of
London. It currently
operates three private
clinics and an NHS walk in
centre at Liverpool Street
Station. In its last financial
year the company had sales
of 5.65m and made a profit
of 0.44m on an adjusted
basis.

The money raised in the
share issue will probably be
used for acquisitions in
healthcare within the M25
area.
________

A new high reached.

SWOT ANALYSIS

STRENGTHS

Established position in the City
medical market
Strong defensive characteristics in
that this is probably a difficult
market for new entrants to attack
Established compliance regime in
a strongly regulated business
High visibility of revenue 43%
of revenue is contracted
Strong cash flow and low
customer credit risk customers
pay in advance and almost
invariably have high credit ratings
Already profitable and cash flow
positive
Space in existing premises to
cater for increase in number of
customers
Gross margins are high and
existing fixed costs are already
covered by revenue
Experienced in integrating
acquisitions

OPPORTUNITIES

The customer base has yet to be
fully exploited there are plenty
of selling opportunities
High operational gearing means
revenue growth increases profit
Scope for additional units in new
locations if there is a keystone
client
Number of small practices in the
area creates opportunities for
acquisitions
This company has never
undertaken a comprehensive
marketing programme. A
structured marketing/sales effort
could create some significant and
quick returns
Opportunities for increased
participation in contract tenders

WEAKNESSES

New openings take 2 2 years
to reach breakeven
Marketing and branding not fully
developed in early years
Time taken to develop NHS
projects

THREATS

Risk of large company
competition
An increasing use of tendering for
large contracts
Risk of non-renewal of contracts
including NHS.

Just what will drive this company forward?, from the Broker note..

The Business Drivers

General Medicals management believes there
are several drivers that will make private
healthcare, and private provision within the
public sector, a growth area over the next
decade.

First, increasing focus on health and safety at
work have forced companies to consider how
they can best demonstrate a commitment to
their staffs health. In the City, the provision of
health facilities such as those offered by
General Medicals Company Doctor scheme
shows a commitment by a client company to
work towards its employees wellness.
Companies can also benefit from a reduction in
staff absenteeism. Commuters who might
otherwise take half a day off to visit their NHS
GP are able to have their health issues dealt
with during a normal working day.

Within the corporate environment we are also
seeing a move towards flexible benefits, under
which employees can pick and mix benefits up
to a certain financial equivalent. Healthcare
services are an obviously attractive benefit.

Secondly, the NHS budget is shifting towards
a more flexible mix of public and private
provision.
This should enable General Medical to acquire
more contracts for walk-in centres or GP
practices if they become available. Both major
political parties are now committed to
expanding the role of private practice within
the NHS, so though there may be differences
of detail, there appears little political risk to the
major programme of reform.

Interims By 28/02/2007