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AT Communications
- BY: Andrew Hore |
- POSTED: 24/03/2009 |
- COMMENTS: Add yours
AT Communications has sold its Rocom business for £12.5m and it could become a bid target.
That is less than some analysts were expecting. Even so, it will make a big dent in the net debt of £18m. Cenkos expects net debt to be £6m by the end of 2009.
Shares in AT rose 2.25p to 14.5p each, which values the company at £11.2m.
Rocom, which is a distribution business, generated £45m of AT’s 2008 estimated turnover of £97.7m. Rocom was profitable but there was a £2m cash outflow relating to the business in 2008.
The buyer is Nimans, a leading UK telecoms and data distributor. Nimans will pay the final £500,000 of the consideration on 23 March 2010.
Chief executive and founder Alex Tupman is leaving AT.
The main problem with AT has been its poor cash generation. AT is left with telecoms systems integrator ATC and telecoms services provider Servassure.
Cenkos forecasts 2008 profits of £6.6m. In 2009, it forecasts profits from the continuing activities of £3.8m on revenues of £54.4m. The shares are trading on less than four times 2009 prospective earnings. That low rating could make AT an attractive target for a bidder.
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