Pinnacle receives £2.7m investment

TELECOMS specialist Pinnacle Technology has completed its largest-ever fundraising as it seeks to grow revenues by selling more of its services to its existing 3,000 customers.

The Aim-quoted firm has issued more than 883 million shares to existing and new investors, raising £2.7 million before expenses.

Pinnacle chief executive Alan Bonner said that the money would be used to hire additional sales people to drive profits growth.

The Stirlingshire-based company is best-known for providing broadband and other data services at large events such as BBC Radio 1’s “Big Weekend” concerts, but also has an array of business clients who buy on

average only one or two products from Pinnacle. Bonner wants to persuade these customers to shift the majority of their IT spending to Pinnacle.

Bonner said the placing would “transform” the company’s balance sheet. It is expected to post a rise in revenues and operating profits when it unveils full-year results on 18 February.