Manx Telecom jumps on takeover bid

AIM-listed communications provider Manx Telecom (LON:MANX) saw its share price climb by 14.47% to 214.63p (as of 15:00 GMT) as it announced that it would be recommending a cash takeover offer of 215p per share from Basalt. Meanwhile, the company reported pre-tax profits for the 31st December fell due to higher interest payments. There was some improvement in overall dividends and revenues were up by 3.8%, driven by mobile revenues while fixed line, broadband, and data stagnated.

Chief executive Gary Lamb said: “2018 was another year of robust performance for Manx Telecom. Thanks to the hard work of our people, our on-island telecoms business has remained stable – with a solid performance in Fixed Line, Broadband and Data Services, and growth in Mobile – while our international growth business, Vannin Ventures, has seen growth in Global Solutions and has put down strong foundations for the future. Goshawk Communications has made good progress, not least with our recently branded UK proposition “Audacious”.

We remain positive in the outlook for the Group due to the solid underlying revenue, EBITDA and cash flow performance during the year, and are continuing to explore potential growth opportunities with the aim of identifying new products and services for a global audience“.