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Glen Group

  • BY: Andrew Hore |
  • POSTED: 30/05/2008 |

Telecoms services supplier Glen Group reported a reduced interim loss from continuing operations.

Glen was the best performer on 30 May. The shares rose 55.6% to 0.14p, valuing the company at £1.67m.

Glen, which provides fixed line rental and calls, mobile services and VoIP for businesses, sold its IT operations to Maxima for £2.72m at the end of 2007. The remaining businesses grew revenues from £416,000 to £726,000 in the six months to March 2008, while the loss declined from £738,000 to £429,000.

There is net cash of just over £1m in the balance sheet. The final payment from Maxima of £470,000 arrived in March. This is the first balance sheet since the disposal so it is the first time that investors can see how much cash is left in the business. Glen wants to use this to build up the group.

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