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Ireland's Eircom returns to revenue growth but no IPO plans
September 1, 2015 / 1:18 PM / 2 years ago

Ireland's Eircom returns to revenue growth but no IPO plans

DUBLIN, Sept 1 (Reuters) - Irish telecoms firm Eircom reported an annual rise in quarterly revenue on Tuesday, its first since 2008, but said it would have to see further growth before remounting efforts at a third stock market floatation.

Eircom reported fourth-quarter earnings up 12 percent to 135 million euros on revenue up 5 percent at 325 million.

“There are certainly no plans (to IPO) at the moment,” Chief Executive Richard Moat told Reuters, adding that there were no talks regarding a possible sale of the company either.

“We want to see further good quarters of growth in earnings and revenues and then the possibility could come back again,” he said, referring to an IPO.

Last year it pulled out of what would have been a third initial public offering (IPO) of shares in 15 years.

It rejected a takeover offer worth more than 3 billion euros from an unnamed bidder in May.

U.S. hedge fund Anchorage Capital Group has increased its stake in Eircom to 37.9 percent, Eircom said on Tuesday.

York Capital Management, also based in New York, is currently its second-largest shareholder with 15.2 percent.

Eircom’s privatisation in 1999 saw shares collapse after an initial public offering marketed to the Irish public.

The company was bought out two years later before building up unsustainable debts during a series of changes of ownership, including a brief refloat in 2004.

The company filed for creditor protection to restructure 3.75 billion euros of debt in 2012 and was taken over by its senior lenders. (Editing by Jason Neely)

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