Energis could be floated on the stock market before the end of the year, revealed David Jones, chief executive of the telco's parent, the National Grid.
According to reports in 'The Times', Jones said the Grid would sell no more than 49 per cent of Energis because it did not want to lose control of a company that is proving to be successful. However, a firm decision has yet to be made.
For its fiscal year ended 31 March, Energis reported a 127 per cent leap in revenues. Its pre-tax loss for the year was #14.4 million compared to a loss of #42.6 million in 1996. Energis' chief executive, Mike Grabiner, said the three-year-old telco would break even by 1999, when it aims to rake in revenues of #300 million.
Analysts estimate Energis would be valued at between #800 million and #1.2 billion at flotation.
Energis was launched as a national competitor to BT and Mercury and now provides services to 33,000 business sites in the UK.
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