InTechnology AIMs to de-list

InTechnology AIMs to de-list

Tough stock market conditions prompt board to consider de-listing from the Alternative Investment Market

InTechnology is considering de-listing from the Alternative Investment Market (AIM) due to what it calls a ‘current lack of liquidity’ in its shares.

The managed services specialist, which offloaded its distribution business to DNS Arrow for £41m last year posted its interim results today which saw turnover rocket by 69 per cent.

For the six months ended 30 September 2007, turnover increased to £23.2m compared to £13.7m in the previous year. Total operating profit stood at £2.2m compared to £800,000 in 2006.

Peter Wilkinson, chief executive of InTechnology, said in a statement: “As our results demonstrate, we have made good progress in the first six months of the year as a managed services specialist in data and voice.

“We have successfully completed the integration of Evoxus and we believe our increased strategic investment in Mobile Tornado will enhance our prospects in the medium term. This gives the Board confidence that we will continue to grow a strong profitable company.

“The Board believes it is in the best interests of the company and the shareholders to de-list from AIM and we will be convening an Extraordinary General Meeting to vote on this matter in due course. The lack of liquidity in our shares, and the fact that future share issues are unlikely have led us to conclude that greater shareholder value will be derived by operating off market.”