Media company strides forward

TRADING in shares of Adwalker, the ‘wearable media’ company, begins on London’s Alternative Investment Market (AIM) tomorrow.

The Dublin company, which had traded on the Ofex market for developing companies, has raised almost €7.5 million (£4m) from new investors to fund its expansion, as reported by the Irish Examiner earlier this month.

Shares will list at 8p, valuing the company at £14.2 m (€20.5m).

Adwalker’s product is the world’s first out of home, mobile, interactive media platform of its kind.

Models wear a unit incorporating a flat screen, and a discreet internet linked computer and printer.

The company says the move to the AIM market will increase its profile among the investment community as well as delivering the cash boost.

The company’s chief executice, Simon Crisp, said: “We are delighted that our growth has enabled us to move from Ofex on to AIM.

“Our stable of clients has been growing well in 2005; we have worked with worldclass clients such as Sony, Daimler Chrysler, Puma, Cadbury, lastminute.com and 888.com, and have raised £4m which will be reinvested in supporting our global growth.”

Adwalker has secured €1 million in new business this year from blue chip clients, and media and advertising agencies throughout the world.

Its most recent accounts, for the 20 months to the end February 2005, show a loss of €4.2m.