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.

Well worth having a look at this Hardman Broker report..

http://www.hardmanandco.com/Research/GeneralMedical_Oct06.pdf

Tipped by All New Issues aswell.....

Buy General Medical Clinics

A tip from Allnewissues.com

General Medical Clinics (GenMed), a primary medical care provider in the City of London is planning to list on PlusMarkets early next year. GenMed is a well established provider of general practice, health screening services, occupational health programmes, physiotherapy and nurse-led functions in the City of London. The company expects to issue 4.2 million shares at 35p per share raising 1.5 million pounds before expenses. The net proceeds of the placing, 1.2 million pounds, is going to be used as working capital, to repay bank loans and to help the company implement its acquisition strategy. On successful admission the company will have a market value of approximately 5.5 million pounds.

Operations - GenMed operates three private clinics, Broadgate Medical Centre, Walk in Health (formerly GMC Medical Services) and Finsbury Medical Centre. It was founded in 1998 and in 2005 it announced its first set of profits. Recently, it underwent a transformation of sorts. It acquired Finsbury Healthcare in November 2004 and announced the appointment of its new CEO, Jerry Appleyard in September 2005. In December 2005 it opened the first privately run NHS walk-in centre at Liverpool Street Station in London after having won a five year contract from the Department of Health. Following a large investment in capex and infrastructure, the company has entered into a new stage, and is now cash generative and trading profitably.

GenMed offers private GP services and a Company Doctor Scheme where companies can pay a fixed amount of money to cover unlimited consultations with a Doctor or Nurse for their employees. It offers a convenient service for employees working in the City, especially since the company has three clinics within the City of London and offers in-house services for its clients. As a result, employees can make the most of the services offered by GenMed without being absent from work. Moreover, payments that are made by the companies are for one year in advance and GenMed is trying to extend these payments for up to three years creating visibility of earnings and sustainable revenues. The privately run NHS centre has been profitable since its inception. This is mostly due to an agreement with the Department of Health to pay a stable monthly income stream to GenMed plus a payment per patient seen. The Company Doctor Scheme and the contract with the Department of Health generates 40% of the company's revenues. In the year to 31st May 2006, the company increased its pre-tax profits by 150% to 365,059 pounds. Revenue rose by 36% to 5.6 million pounds. This resulted in the company announcing earnings per share of 19.7p compared to 6.8p per share for the same period in 2005. As at 31st May 2006, the company had cash at bank and in hand of 260,926 pounds and working capital of 95,061 pounds.

Business development The company aims to increase the profitability of the business, open new centres in London and acquire further centres operated by doctors and private companies. It has already appointed a Director of New Business whose main job will be to strengthen the sales arm of the business by approaching new companies, strengthening relationships with its current clients so as to achieve longevity and take advantage of cross-selling opportunities between the different services it provides to its existing customers. The management expects to implement cost management procedures and performance indicators measurements to monitor the progress of the business. It will implement an IT system that will integrate the three private centres with online internet booking systems. GenMed is also looking for suitable acquisition targets that should enable the company to achieve further horizontal integration, like private GP centres in London or vertical integration, like primary healthcare markets. In this way, GenMed will be able to take advantage of the economies of scale and divide its central costs among more units.

Management - Harry Hyman is the non-executive chairman and co-founder of GenMed. He is currently managing director of Primary Health Properties, a company listed on LSE specialising in the ownership of properties leased to GPs. He is also managing director of Nexus Structured Finance, a specialist healthcare industry investor and adviser. Previously, he was finance director of Baltic Plc. Jerry Appleyard joined GenMed as CEO in September 2005. Prior to GenMed, he held managerial positions in British Waterways and Welcome Break Group. Bernard Kelly is the non-executive director of the company. He is a solicitor, formerly a partner of Simmons & Simmons and a director of S.G. Warburg. He has been vice-chairman and managing director of Lazard Brothers and is currently chairman of Nexus Structured Finance. Jonathan Metliss joined GenMed as non-executive director in December 2005. He is a solicitor and a founder member of S J Berwin. He is also consultant to Pearl & Coutts/Structadene, director at London Freeholds, member of the Israel Britain Business Council. Dr. Michael Paul is a co-founder of GenMed and a practicing GP with over 30 years of experience in public and private sectors. He was responsible for the establishment of the Broadgate Medical Centre and its development from 1992.

Conclusion - The company is set to issue shares at 35p per share. On the basis of the enlarged share capital, earnings for the year to May 31st would have been 2.7p putting the stock on an historic price earnings ratio of 13. But clearly profits and earnings this year should be higher. We believe that the valuation does not discount GenMed's growth prospects. Even though it has a short history of profitability, it has increased its revenues substantially year on year since its inception. At 35p, GenMed is undervalued. Buy.

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.