Engine puts listing on ice

Engine Group, the UK's largest unlisted marcoms group, has delayed a proposed stock market float, despite a rebound in first-half revenues.

Last year Engine Group, owner of Mandate Communications, Hogarth and Penrose Financial, announced plans to raise £50m from an initial public offering or private equity investment in 2010.

But Peter Scott, Engine's chairman and joint chief executive, this week told the FT 'the appetite is not there' among investors for new listings. He said: 'There is no point us going out in that market.'

Engine retains its plans to list at a future date.

The group reported a rise in first-half like-for-like revenues of 8.2 per cent to £34.3m.

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