(Alliance News) - iEnergizer Ltd on Wednesday hailed a strong start to its financial year and added that it is no longer up for sale.
The IT service management company launched a formal sales process back in June. Earlier that month, it said it was in talks to be bought out by BPEA Advisors Private Ltd.
"The company subsequently engaged with a limited number of parties but given stronger trading during the process...the board felt that it was in the best interests of the company to withdraw and terminate the FSP at this time, and confirms that it is no longer in active discussions with any interested parties," iEnergizer said.
iEnergizer said revenue in its first quarter jumped 30% year-on-year to USD74.1 million. iEnergizer's financial year ends in March.
Earnings before interest, tax, depreciation and amortisation rose 39% annually to USD28.6 million in the first quarter.
"The business has seen growth across all verticals, in particular due to current inflationary pressures which have driven multinationals to focus not only on cost reduction but also revenue retention. Current trading is ahead of expectations, with improved margins, and the board remains confident in the future outlook for the company and in the expected performance for the remainder of this financial year," the company added.
Shares in the company closed 6.3% higher at 474.00 pence each in London on Wednesday. The AIM listing has a market capitalisation of GBP900.7 million.
By Eric Cunha; ericcunha@alliancenews.com
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