THOMAS The Tank Engine built up a fair head of steam when the company offering shares for sale in the children's cartoon character chugged on to the London stock market this week. The price of Britt Allcroft shares raced to 160p on their first day of trade, setting a debut premium of about 23 per cent on the placing price of 130p. The offer price alone capitalises the company at £31 million sterling.
Britt Allcroft is raising £4 million from the flotation which the company will spend both on marketing and promoting Thomas The Tank Engine and on developing the firm's stable of other children's entertainment products. The company, which last year made profits of £2 million sterling on a turnover of £11.5 million, holds the video, television and character licensing rights to Thomas. Under more than usual stress from increased cash flows, word has it that the florid-faced Fat Controller has put in a chit for a talking calculator!