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UK – InterQuest reviewing sale and merger options

21 October 2014

Specialist IT staffing firm InterQuest Group (ITQ: AIM) today announced that it is launching a review of the options open to the company to maximise value for shareholders; including a potential sale of the company.

The company's focus on specialist niche recruitment services has delivered significant benefits to the Group with reported net fee income in the first half of 2014 up by +34%, year-on-year and adjusted profit before tax in the first half of 2014 up +82% year-on-year.

For the six months ending 30 June 2014 the company reported revenue of £73 million, an increase of +29.8% compared with the same period last year.

In a statement, InterQuest advised: “In a rapidly evolving industry, where remaining at the forefront of technological developments and the increasing importance of big data is paramount, it is crucial to continue to invest and offer a large scale platform to clients and candidates. The company has therefore decided to initiate discussions relating to a sale of the company under the framework of a "Formal Sale Process" under the City Code on Takeover and Mergers, under which the Board of InterQuest is able to have discussions with third parties interested in such a transaction on a confidential basis.”

Following the announcement, the company’s share price rose by +10% to £1.21, an increase of +50.2% compared with a year ago. Based on its current share price, the company has a market value of £37.8 million.