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.

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

General Medical also competes with a large
number of sole practitioners and small
practices. We believe that over time these will
tend to consolidate, and General Medical
intends to play a major role in this
consolidation.

Doctorcall has a similar business model to
General Medical but does not currently have
any premises in the City. It has a single clinic,
in London W1, and charges 180 a year for
private individuals membership of the scheme
above the usual level of charging at General
Medical. It also provides occupational
healthcare services. It appears fairly close in its
services to General Medical. It also operates
clinics in Bristol, Leeds, Edinburgh, Glasgow,
Newcastle, and Manchester.

BUPA Wellness offers an occupational health
service, and focuses on health checks for
individuals. It has over 60 centres UK wide, of
which 8 are in London including City, Bank,
Fleet Street, Barbican and Canary Wharf. We
believe it is probably the major single
competitor to General Medical within the City.

Netcare owns and operates private hospitals
and treatment centres in the UK. It acquired
General Healthcare Group in 2005, and now
has contracts for a walk-in centre in Kings
Cross and another in Leeds. It has over 200
staff in the UK. While focused more on the
secondary healthcare sector we believe it will
compete strongly in primary care, particularly
in APMS.

Tribal Group subsidiary, Mercury Health,
runs ISTC services. It has just opened a walkin
centre and GP surgery in Stamford Hill, in
partnership with the City & Hackney PCT.
Again, its involvement in primary care is
currently small, but we expect it to expand into
the field as more opportunities arise.

Solid sound results for the first 6 month period and bolt ons at an early stage. :)

General Medical Clinics plc - Interim Results


GENERAL MEDICAL CLINICS PLC

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2006

General Medical Clinics PLC (PLUS: GMCP) ("GenMed" or the "Company") an
established provider of primary medical care in the City of London, announces
its maiden results since being admitted to PLUS on 29 December 2006


SIX MONTHS HIGHLIGHTS

* TURNOVER UP 18.7% TO GBP 3.2M (H1 2005: GBP 2.7M)


-60% EARNED UNDER CONTRACT WITH 300 CORPORATE CLIENTS AND THE DOH


* OPERATING PROFIT BEFORE EXCEPTIONAL ITEM AND FRS20 ADJUSTMENT - GBP 215K
(H1 2005 RESTATED: GBP 195K)


* GBP 1.3M NET CASH AS AT THE DATE OF THIS ANNOUNCEMENT


* INVESTMENT IN OPERATIONAL AND MANAGEMENT SYSTEMS POSITIONS THE COMPANY FOR
ACCELERATIVE GROWTH


* ACTIVE SEARCH FOR ACQUISITION CANDIDATES


POST PERIOD END

* PLACING AT 34P PER SHARE RAISING GBP 1.27M AFTER COSTS AND ADMISSION TO
PLUS (FORMERLY OFEX)


JERRY APPLEYARD, CHIEF EXECUTIVE, COMMENTED:

"The year ahead will see the customer base continue to grow, further news on
new services to complement the existing range of medical and health services
and continued exploratory talks with possible acquisition candidates.

"The success of the PLUS admission reflects investor awareness of the market
opportunity available to GenMed as an already established and profitable
business. We welcome the many new shareholders who will take part in our future
success and we look forward with confidence to the year ahead."


09 February 2007

ENQUIRIES
------------------------------------------------
|GENERAL MEDICAL CLINICS PLC |020 7427 0605|
------------------------------------------------
|Jerry Appleyard, Chief Executive| |
------------------------------------------------
|NEXUS FINANCIAL LTD |020 7451 7068|
------------------------------------------------
|Nicholas Nelson/Kathy Boate | |
------------------------------------------------

The directors of General Medical Clinics PLC take responsibility for this
announcement.

GENERAL MEDICAL CLINICS PLC


Chief Executive's Statement

BUSINESS SUMMARY

General Medical Clinics PLC is a well established provider of primary care in
the City of London specialising in providing general practice, health screening
services, occupational health programmes, physiotherapy and nurse led functions
such as travel vaccinations.

The Company operates three private clinics and in 2005 won a five year contract
from the Department of Health to run an NHS walk-in centre at Liverpool Street
Station. This centre was opened in December 2005 as the first privately run
NHS walk-in centre in London.

The objectives of the Company are to increase the profitability of the existing
business, expand into other parts of London including acquisition of other
existing centres operated by doctors and private companies.

FINANCIAL SUMMARY

Turnover in the six months under review increased 18.7% to GBP 3,229,187 (six
months to 30 November 2005: GBP 2,721,475). Costs, operating expenses and
administrative expenses increased pro rata year on year, resulting in an
operating profit of GBP 220,908 (2005: GBP 26,671). (See Note 1 on page 9).

The exceptional expense of GBP 340,645 of which only GBP 56,816 represented
cash items, relates to the cancellation of the majority of outstanding share
option agreements. This was part of a wider exercise to restructure the share
capital in preparation for the equity issue in December 2006 and has led to
augmented long term shareholder return by removing the dilutive effect of these
options.

The application of FRS20 has masked the underlying operating performance of the
company. Operating profit excluding the FRS20 adjustment and the exceptional
item was GBP 215,096 (six months to 30 November 2005: GBP 194,471)

Basic earnings per share for the period before exceptional items and FRS 20
adjustment amounted to 1.86p on a fully-diluted basis compared to 3.72p for the
whole of the year ended 31 May 2006. Earnings per share after exceptional
items and FRS 20 adjustment amounted to a loss of 1.09p per share on a fully-
diluted basis compared to 0.02p per share for the comparable period last year
and 2.23p per share for the year ended 31 May 2006.

In the period under review approximately 60% of turnover was earned under
contracts with corporate clients and the Department of Health.

The balance sheet following the placing has cash deposits of GBP 1.3m and no
debt.

REVIEW OF OPERATIONS

The steady increase in turnover since the acquisition of Finsbury Healthcare in
2004 and the opening of the Liverpool Street NHS Walk-In Centre in December
2005 has continued during the period as the demand for convenient and
accessible medical services grows. This is particularly evident in the City
but is an apparent trend in all areas with a high office bound working
population.

During the period under review investment was made in the operational and
management systems to position the Company for accelerated growth. Much
emphasis has also been placed on staff retention and marketing which are vital
to the future success of the business.

As a result of a centralised marketing effort the three medical centres at
Fleet Street, Finsbury Circus and Tower Hill have seen the collective number of
patient visits increase under the Company Doctor Scheme and other health
related services. The Company Doctor Scheme is the predominant area of
activity for GenMed and represents the future of these three centres in terms
of core organic growth due to the high quality recurring revenue. Of the 300
corporate clients, about 25% also purchase other services in addition to the
Company Doctor Scheme such as health screening and physiotherapy services which
both produce higher incremental profit.

The Company believes that the increasing focus by corporate institutions on the
well-being of their staff means greater commitment to personal health. A
challenge facing those at work is maintaining health without compromise to
professional objectives and employer demands. Many City financial companies
have recognised this issue and become clients of GenMed, thereby providing
their staff with unlimited access to a GP or nurse only minutes from work.

The Liverpool Street NHS Walk-in Centre has proven popular amongst City
travellers with over 10,000 patient visits in the six months under review. The
Department of Health pays GenMed in the form of a monthly retainer and a set
amount per patient for this nurse led centre, which handles approximately 90
patients per day.

Since the end of the six month period under review the Company has, as
announced on 11 January 2007, bought out the 25% minority interest in Walk In
Health Ltd, the operating company for the Liverpool Street NHS Walk-in Centre.

In addition to improved staff wellbeing, GenMed's clients have seen economic
benefits related to reductions in staff absenteeism. Commuters who might
otherwise take half a day to visit their GP or nurse are able to seek medical
attention more conveniently during office hours. Recent research estimates
that the average City employee is out of the office, on sickness related
matters, an average 7 days per annum; a cost which all companies strive to
avoid.

FUTURE STRATEGY

It would be impossible to talk about the six months under review without also
discussing the events leading to the Company's successful fund raising and
admission to the PLUS market, the planning of which commenced during the
period, with completion in December.

The Company set out its objectives in the admission announcement as growing
through acquisitions of small private medical practices, increasing their
services offered, and continuing to bid for additional NHS contracts. The
Directors believe that the sector is fragmented and, through the adoption of a
consolidation strategy, aim to position GenMed as the dominant operator of
healthcare practices in London.

The Board believes that through its PLUS quotation the Company's negotiating
position in relation to acquisitions would be strengthened and lead to an
accelerated programme of earnings enhancing and synergistic acquisitions.
Consequently, opportunities for acquisitions are being pursued especially in
and around London. Indeed, early stage talks have already commenced with
medical practices, which may enjoy the benefits of being part of a larger
group, including assistance in compliance with regulatory obligations and
enhanced marketing awareness.

GenMed is not confining itself to the City of London as opportunities exist in
other London areas such as the West End and Docklands where high concentrations
of office workers would suit and benefit from GenMed's business formula.

The Directors recognise the need to be active in terms of improving and
widening the range of services thereby appealing to a wider range of customers
and the Company is therefore actively increasing market penetration through
cross-marketing to existing clients

The Liverpool Street NHS Walk-in Centre is an example of GenMed's forward
thinking. The credibility afforded by this relationship with the NHS enhances
the Company's credentials whilst demonstrating a keen desire, across the
Company, to work harmoniously with the Department of Health and the local
Primary Care Trust.

OUTLOOK

The year ahead will see the customer base continue to grow, further news on new
services to complement the existing range of medical and health services and
continued exploratory talks with possible acquisition candidates.

The success of the PLUS admission reflects investor awareness of the market
opportunity available to GenMed as an already established and profitable
business. We welcome the many new shareholders who will take part in our future
success and we look forward with confidence to the year ahead.





JERRY APPLEYARD


Chief Executive



8 February 2007

A very bullish article from UQ analyst.com........

General Medical Clinics - Interim results

Plus Markets newbee, General Medical this morning unveiled a robust set of interim numbers for the six month period to 30th November. The group, which provides primary medical care in the City, specialising in general practice, health screening and occupational health, unveiled an 18.7% rise in revenues to 3.2 million, with operating profits up ten fold to 220,908. The interim numbers contained a one-off exceptional expense of 340,645 relating to the cancellation of the majority of outstanding share option agreements. Excluding this item, basic earnings per share for the period came in at 1.86p on a fully-diluted basis. Including the exceptional costs, of which just 56,816 related to cash items, the loss per share figure came in at 1.09p.

GenMed operates three private clinics and, under contract with the Department of Health, an NHS Walk-in centre. GenMeds Company Doctor Scheme provides unlimited consultations for a fixed fee per staff member, affording the company a stable source of annual income, further enhanced by self-pay membership programmes together with walk-in services. Demand for GenMed's services is growing and in the year ahead, the customer base should continue to move ahead nicely, especially with the launch of new services to complement the existing range of medical and health products, accompanied with continued exploratory talks with possible acquisition candidates.

The steady increase in turnover since the acquisition of Finsbury Healthcare in 2004 together with the opening of the Liverpool Street NHS Walk-In Centre in December 2005, continued during the period as the demand for convenient and accessible medical services grew. This is particularly evident in the City but is an apparent trend in all areas with a high office bound working population. And so, supported by a strong balance sheet, which boasts a 1.3 million net cash position, GenMed is more than likely to expand its outlets in the coming months.

Excluding exceptional items, we see no reason why earnings won't hit close to 4p in the current year. A group that is well managed and operating in a high growth sector deserves to trade at a premium, and thus, the prospective pre-exceptional earnings multiple of 12 far from discounts the phenomenal growth potential. Furthermore, this is a company supported by a solid balance sheet, with more than sufficient financial resources to drive earnings forward via a carefully executed acquisition strategy. At 48p, General Medical Clinics is valued at 7.97 million and represents a resounding buy.