Energis poised to flog Euro ops

Announcement due later today

Energis is reportedly set to confirm later today that it is to sell its European operations.

The troubled alternative telco confirmed this morning that it would issue a statement later today about its future.

The FT reports that Energis has blown around £1 billion on its European operations but has little choice but to flog them and concentrate on its UK business.

Today's announcement follows last month’s warning that turnover and earnings before interest etc (EBITDA) for the financial year were "unlikely to meet consensus expectations".

Shares slumped 50 per cent on the news and have continued to slide since then.

Energis' share price was up 11.32 per cent (1.5p) at 14.75p in early morning trading. ®

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