Smarttech247 Group PLC (AIM: S247) plans to delist from London’s AIM market, citing high costs, regulatory burdens, and undervaluation. The Dublin-based cybersecurity company saw its share price fall about 71% on Friday, dropping 6p to 2.5p.
Despite the decline, the company said trading remains strong, with revenue for the year to July expected ahead of forecasts after securing multi-year contracts with hospitals, automakers, a global pharmaceutical group, and a major London airport. Recurring revenue rose to 74% of the total, up from 61% last year, though margins came in slightly below guidance.
Chief executive Raluca Saceanu said leaving AIM would provide “greater strategic flexibility” and allow more resources to be focused on growth as a private company. A matched bargain facility will be introduced to enable shareholders to trade stock once the delisting is approved at a forthcoming general meeting.
Raluca Saceanu, CEO of Smarttech247, commented:
“We are immensely proud of the progress we are making. Revenues are ahead of expectations, our pipeline has never been stronger, and the contracts we have secured put us in an excellent position to deliver sustainable growth. Despite this momentum and the clear opportunities ahead, we believe the Company is better positioned to achieve its ambitions as a private business. The potential delisting will allow us to focus more resources on our strategy, enhance our flexibility, and continue building long-term value for our shareholders.”
