Computer Business Review
Telephone Rentals Plc has strengthened its move into the financial communications market with the UKP18m acquisition of the UK subsidiary of V Band Corp. Under the agreement, Telephone Rentals has long-term exclusive UK and Eire rights to V Band's dealer board systems, and an option to distribute digital and video switching products under development by V Band. Started in January 1985, V Band UK, which will now be called Telephone Rentals Financial Communications Plc, has already supplied over 4,500 dealing positions and installed over 30,000 lines in the City of London. It made pre-tax profits of UKP1.7m on revenue of UKP10.7m in the year to October 31 1986 and has warranted UKP3.26 pre-tax on turnover of UKP10.5m for the nine months to July 31 1987. Telephone Rentals, which hopes the acquisition will give it a good base in the City and in the emerging general voice/data and video applications market, raised the money through a Kleinwort Benson-led institutional placing of shares at 260p. The shares closed at 272p after analysts expressed some disappointment of the company's half-time figures which were also announced yesterday. Pre-tax profits were up 18% at UKP9.45m while earnings per share were up 15.5%.
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