Telecity's 2014 guidance falls short of market forecasts

Wed Feb 12, 2014 4:30am EST

LONDON Feb 12 (Reuters) - Telecity Group PLC, a British data centre company with operations across Europe, forecast lower-than-expected growth this year, sending its shares to a two-year low on Wednesday.

The company, which targets the top-end of the market with locations in prime city centre spots, said demand remained "robust", and it expected 2014 revenue to come in between 355 million and 362 million pounds ($597 million), up from 325.6 million pounds in 2013.

Analysts at Liberum said the guidance was about 5 percent below its forecasts, and they expected core earnings to fall by 5 percent this year and by 10 percent in 2015 as a result.

Shares in the group fell to a two-year low of 632.5 pence after the results, and they were trading down 10.5 percent at 652.5 pence at 0913 GMT.

FILED UNDER: