Endace's dive sparks bid buzz
Tuesday 20 March 2012
Shares in the cyber security group Endace's plunged yesterday as it said it would significantly miss its profit target this year and had potentially put itself up for sale.
The shares fell 13 per cent, or 72.5p, to 492.5p, valuing the business at £75m. Analysts predicted it would now probably be taken over by a much larger US rival.
Endace said it had seen a shortfall in orders for network monitoring in its second half, "particularly in the UK Government base".
It said pre-tax profits for the year which ends this month would be about $1m (£630,000) rather than the $3.4m which most analysts had expected. Revenues will be 10 per cent down on City forecasts at some $40m. The company said it would have cash of about $4m at the year end.
Endace said that it had appointed Deutsche Bank "to review options for the future".
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