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Touchstone Group

  • BY: Andrew Hore |
  • POSTED: 17/06/2009 |

Touchstone Group says that its full year figures will be in line with downgraded estimates and that it is considering cancelling its Aim quotation.

That knocked 6p off the share price leaving it at 14.5p, which values the IT services and business software provider at 1.87m.

Management believes that the costs of being quoted on Aim are too high for a company of its size. Touchstone intends to put forward the Aim cancellation to shareholders and offer a limited buy back of shares. The number of shares bought will depend on the cash in the balance sheet. A matched bargain facility may be put in place.

Touchstone is winning new contracts but the general market is still tough.

The figures for the year to March 2009 will be reported on 8 July 2009. Profits of 300,000 are expected.

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