News blog

Coms / Pinnacle Technology Group

• BY: Andrew Hore |
• POSTED: 03/09/2013 |

Internet telephony services provider Coms is considering a bid for IT managed services provider Pinnacle Technology Group.

Shares in Pinnacle rose 4.25p to 22p, valuing Pinnacle at £7.03m. The potential offer would be around 21p a share. At 3.63p a share, down 0.55p, Coms is valued at £20.1m. The Coms share price is still 707% higher than one year ago.

Pinnacle has switched its nominated adviser and broker from Zeus Capital to N+1 Singer.

Coms reported interim revenue growth of 161% in its core cloud telephony business. Total revenues were 249% ahead at £2.48m in the six months to July 2013 and 96% of those revenues are recurring. The interim loss was reduced from £337,000 to £119,000, although the cloud telephony business was profitable. Net cash was £1.03m at the end of July 2013.

Significant contracts included one with MITIE Property Services worth £15m over two years. Annualised turnover is running at £10m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFAugust2013_47.pdf