Archive E-Commerce Archive Press speculation over Pipex following lacklustre results | Press speculation over Pipex following lacklustre results |
| Written by Business Weekly | |
| Tuesday, 17 April 2007 | |
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Speculation continues over the £350m sale of Herts-based ISP, Pipex, including press reports of high profile bidders backing away from the process, after the firm announced a drop in FY pre-tax profits.
Following a number of acquisitions during the financial year, Pipex posted a 121 per cent increase in turnover for the period, up to £294m from £133m, but the firm cited higher interest costs from funding the 2006 acquisitions as cause for a drop in pre-tax profits to £4.8m from £5.1m the previous year. Press reports have speculated that some of the interested bidders for the firm, including Virgin Media, BT, BSkyB and Carphone Warehouse may have backed away from the process. In a statement the firm said that despite press reports, the review of its strategic options, conducted with the aid of investment bank, UBS, continues to the board's satisfaction and are expected to be completed during the Summer. “Pipex and UBS continue to explore the various options available to the Company and a further announcement will be made in due course,” said chairman, Peter Dubens. |
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