LONDON (Alliance News) - Iomart Group PLC Tuesday said its revenues and profits for the half year to end-September are expected to be "substantially" ahead of the previous year.
The outlook was provided Tuesday morning after Host Europe Holdings Ltd, a company controlled by funds managed by Cinven Capital Management General Partner Ltd, said late Monday it does not plan to make a formal offer for Iomart.
In August, Host Europe said it made a recommended cash offer for Iomart. It had approached Iomart with a possible offer of 285 pence per share in July. However, after market close Monday, Host Europe said it had terminated takeover discussions with Iomart.
Shares in Iomart were trading down 15% at 224.50p Tuesday morning.
The web hosting company said that it had traded in line with its expectations in the first half, and demand for its services remains strong, underpinning its confidence for the full year.
"With an outstanding track record and an established reputation as the UK's leading cloud computing company, we look forward to the future success of Iomart," Chief Executive Officer Angus MacSween said in its statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Iomart (IOM)