Formula Telecom Solutions up 46% on US disposal

Formula Telecom Solutions was the biggest riser in the stock market this morning with the share price soaring by 46%.

Late on Friday, FTS announced the sale of its North American business to PAETEC for $13m cash.

For the year ended 31 December 2009 the Norther American business had a turnover of $7.9m and profit before taxation of $1.5m. Net assets as at 31 December 2009 were $0.8m.

Following the sale of FTS Inc., from its Israel headquarters, FTS says it will continue to offer solutions that will assist leading carriers to increase both revenues and customer satisfaction, as well as use their BSS as an enabler to drive the creation of new products and services.

The share price climbed 11.0p to 34.5- a rise of 46.8%

Story provided by StockMarketWire.com

13/12/2010