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  • BY: Andrew Hore |
  • POSTED: 24/12/2009 |

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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