Telematics services provider Cybit Holdings reports a 22% increase in pre-tax profit to £1.05m in the six months to September 2009.
Cost cutting helped offset a 16% decline in revenues to £10.3m. UK revenues fell sharply but European revenues improved by nearly 17%. Marine telematics was responsible for the main decline in revenues due to the lack of oil exploration and fisheries activity.
Buyout vehicle Cyberspace Bidco is offering 75p a share for Cybit, which values the company at £22.8m. The current share price is 72p. Private equity firm Francisco Partners is behind the bid. Cybit reckons that it will be able to grow faster as a private company.
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