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Daily Internet

  • BY: Andrew Hore |
  • POSTED: 14/08/2014 |

Managed hosting services supplier Daily Internet has made another earnings enhancing acquisition.

Domain name and hosting services provider Evohosting generated revenues of 419,000 and underlying EBITDA of 156,000 in the year to May 2013. There is no indication of current trading.

Daily Internet is paying 395,000 for the Maidenhead-based business and raising 435,000 at 2p a share to finance this. The business has a customer base which can be cross-sold other group products and services and costs can be reduced. Integration will take three months.

The placing is at a premium to the market price, which fell 0.03p to 1.85p, which values the enlarged share capital at 8.31m.

In the year to March 2015, Daily Internet is expected to move into profit. The acquisition will make a full contribution in the following year when profit is forecast at 700,000 and the shares are trading on around 14 times prospective 2015-16 earnings. .

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFAugust2014_59.pdf

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