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  • BY: Andrew Hore |
  • POSTED: 15/08/2008 |

Infoserve has been approached by a potential bidder.

The online local search marketing company says the talks are still at an early stage.

The shares rose 1.5p to 22p, which values the company at £4.2m.

Infoserve has 3.5m UK businesses listed in its business directories. The company has disappointed over the past couple of years even though it won a local advertising contract from Yahoo. Finding the right telesales personnel has been the main problem.

Revenues grew from £3.76m to £4.65min the year to March 2008 and the reported loss declined from £3.23m to £2.89m. Net debt was £2.82m and cash was flowing out of the business.

Infoserve floated on 23 June 2006. It raised £2m at 41.15p a share. Infoserve raised a further £1.88m at 45p a share after it won the Yahoo contract.

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