Fingerprint technology firm delays listing due to turmoil

Dec 18 2008 by Andrew Mernin, The Journal

THE firm behind fingerprint technology that can help catch terrorists has put its plans to float on the stock exchange on hold for at least six months in response to global market turmoil.

Sedgefield’s Roar Particles had planned to list before the new year to fuel faster global growth at the company which has developed a machine which scans fingerprints and can detect whether they have been handling explosives or other substances.

However, as the economic downturn causes chaos on markets the world over, Roar’s chief executive Mike Pitkethly says the firm is unlikely to list until mid to late 2009 at the earliest.

He said: “The markets have gone haywire and, although we are keeping an eye on it, we are not going to go public until the conditions are right.” The company is currently in negotiations with distribution businesses which, if successful, will see Roar supply police forces in Europe, the US and Japan with its groundbreaking machine. The group has exhibited to police forces all over the world and, according to Mr Pitkethly, has received universally positive feedback.

“We are in the process of negotiating distribution agreements with companies in America, Japan and Europe. The people who supply the police forces all feed into this. We are hoping to conclude the negotiations in the new year.”

Roar, which occupies a site at the NetPark complex in Sedgefield, first announced its intentions to list on the stock market in July 2007 having already raised £1.3m from private investors.

The company’s float was initially stalled by the purchase of American defence business Armor Holdings by BAE Systems, which delayed a possible deal between ROAR and the American firm. It was thought that the move would speed up commercialisation at the firm which was spun out of Sunderland University in 2006.

Mr Pitkethly, who was appointed as chief executive last July, worked for 16 years as the head of Farnborough-based nanotechnology firm Qinetiq before moving to the North East to help found industry body the Centre for Process Innovation, which was set up by regional development agency One North East.