British data and communications hosting business UKFast is targeting joining the London stock market, with ambitions to secure a market valuation of £350m or more.

The company operates out of 40,000 square feet of data centre space in Manchester, providing customers with a full range of enterprise could tools and services.

While details of any initial public offering are currently thin on the ground it is believed that UKFast would use fresh growth funding to accelerate acquisition activity as it battles for market share with cloud giants Amazon Web Services and Microsoft’s Azure.

‘The company has an enviable record of strong organic growth, high margins and solid cash flow,’ says Philip Carse of IT analysis company Megabuyte.

In 2017 UKFast saw revenues expand 18% to £47m while earnings before interest, tax, depreciation and amortisation (EBITDA) margins are thought to be running around 40% to 45% mark. (SF)

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