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Plusnet Floats Toward Stock Exchange

Posted: 07th Jun, 2004 By: MarkJ
UK ISP Plusnet, which is valued at an estimated £35m, has announced its intention to seek admission to AIM, a market of the London Stock Exchange:

INTENTION TO FLOAT ON AIM

PlusNet, a profitable and rapidly growing Internet Service Provider ("ISP") focusing on Broadband services, is pleased to announce its intention to seek admission to AIM, a market of the London Stock Exchange.

* As at 31 March 2004, the Company had approximately 165,000 customers of which approximately 60,000 were Broadband customers.

* For the year ended 31 December 2003, PlusNet had revenues of o17.4 million and operating profit of o1.8 million.

* PlusNet is a subsidiary of Insight Enterprises Inc. (Nasdaq: 'NSIT'), a leading provider of information technology products and services to businesses in the United States, Canada and the UK.

* The Company intends to list on AIM and take advantage of the growth opportunities associated with the Broadband market as well as to act as a consolidator within its industry.

* Robert W. Baird Limited is acting as both Nominated Adviser and Broker to PlusNet.

Lee Strafford, Chief Executive, commenting on PlusNet's intention to list said: "We have developed a profitable operating platform, grown our customer base five-fold in the last three years and established PlusNet as a leading Broadband services business. The proposed flotation will further raise our profile with our partners and customers and within the industry, and assist us in developing our business as we look to become the Broadband provider of choice for the experienced Internet user in the UK."

"With industry experts predicting that Broadband in the UK is set to double in the next four years, PlusNet finds itself in an ideal position to continue rapid profitable growth. I am excited to be leading the Company through the current stage of its development, the success of which is down to the efforts of my coworkers.
"
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