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Energis culls 400 jobs
Confirms sale of Euro ops
Thu 21 Feb 2002 //
14:58 UTC
Energis is to axe 400 UK jobs in a bid to save £25 million a year.
The telco also confirms that it is to sell its continental European business, following a month-long strategic review.
National Grid Group plc – which owns around a third of Energis – said it could not be relied upon for additional financial support.
Investors were rocked by today’s news, sending Energis' share price to the floor.
By mid-afternoon Energis' share price had slumped 68 per cent to just 4.25p – down 9p.
Two years ago Energis’ shares were worth almost 800p. ®
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