LONDON (Thomson Financial) - UK smallcap Accuma Group PLC said it incurred
an EBITDA loss of 2.7 mln stg, which includes exceptional costs and overheads,
for the five months to end-Dec 2007, on difficult trading conditions throughout
the period, particularly within its insolvency division.
The debt advice group said its consumer loan broking division was also
impacted by the credit crunch during the period.
The company reiterated that it has received some approaches which may lead
to a satisfactory offer for its insolvency division. With the restructuring of
this business now completed, the company believes that the realisable value of
this business alone considerably exceeds its existing market capitalisation.
The company incurred a pretax loss of 14.8 mln stg for the period. Revenues
came in at 5.5 mln stg, also reflecting the significantly reduced levels of IVA
(Individual Voluntary Arrangement) fees and the reduction in the loan broking
business during the period.
Meanwhile, it said Byrom Keeley, its informal debt management solutions
division, continues to perform well, and it is confident of continued growth of
this business during the year ahead.
It said it is confident that the early identification of problems and its
radical restructuring will protect the group in the current financial year.
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