LONDON (Thomson Financial) - Aquilo PLC said its full-year operating loss
widened owing to a reduction in motor trade revenues, the inability to reduce
overheads, significantly increased finance costs and start-up costs for Aquilo
Inspection and Re-instatement Services.
The company, which provides services to insurers, affinity groups and
insurance brokers, said its pre-exceptional operating loss widened to 4.5 mln
stg from 1.9 mln for the year ended Dec 31 2006, when sales slipped below the
previous year's 19.7 mln stg to 19.4 mln. Write downs for goodwill resulted in
an exceptional charge of 2.3 mln stg.
Aquilo said a shortage of working capital in 2006 prevented necessary
remedial actions being taken, but following the completion of a 2.61 mln stg
placing in January it is in a position to implement the controls which were
lacking.
tf.TFN-Europe_newsdesk@thomson.com
jr
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