Rail specialist Readypower is preparing to float on London’s Main Market and may interest investors looking for a different way to play the infrastructure sector.

Established in 1992 and currently owned by private equity firm Primary Capital Partners, Readypower has two divisions.

The rail services arm hires out specialist construction and maintenance vehicles which can be driven on road and rail as well as carrying out operational and compliance planning work. It also owns civil engineering business Readypower Terrawise, acquired in November 2017.

Readypower's customers include Network Rail, Amey, Balfour Beatty (BBY) and Keltbray.

Network Rail is projected to spend £47bn between April 2019 and March 2024 with more than two thirds of this cash allocated to network maintenance and renewals where Readypower is principally focused.

The company reckons it is at an advantage compared to its major competitors as it can offer an integrated service and has a more modern fleet of road and rail vehicles.

In the 12 months to 31 March the company generated revenue of £44.4m, up 38.2% year-on-year, with around £5.2m of this revenue linked to the Terrawise acquisition. 

It intends to have a progressive dividend policy. (TS)

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