Switchless reseller PNCTele.com PlcÆs CEO yesterday said his company was undervalued by LondonÆs Alternative Investment Market after a nine-fold increase in revenues failed to motivate its share price. The company reported revenue in the six months to September 1999 up from 1.4m pounds ($2.3m) to 13.9m pounds ($22.5m). Net loss fell to 93,000 pounds ($150,000) from 168,000 pounds in the year ago period.
Due to PNCÆs flurry of acquisitions in late 1998, a more accurate comparison could be drawn with the full year 1998, which reflects a 30% growth against first quarter 1999. CEO Geremy Thomas told ComputerWire that his firm was trading at 1.5 time sales, while its competitors were typically priced as five to eight time sales. One option the company is looking at is buying onto LondonÆs Full List with the acquisition of a company already listed there.
