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Access Intelligence
- BY: Andrew Hore |
- POSTED: 06/03/2008 |
- COMMENTS: Add yours
Access Intelligence moved from profit to loss in the year to November 2007.
Turnover edged up 11% to £4.07m. Recurring revenues account for 51%. MS2M, which supplies compliance software, had two major projects postponed.
Stripping out goodwill amortisation Access went from a profit of £558,000 to a loss of £123,000. That loss was struck after a £126,000 charge for the closure of two offices and related redundancies. Access had cash of £872,000 at the end of November 2007.
Back up storage and email archiving business Willow Starcom managed to recover some of its momentum by the end of the period.
Management has cut costs but central overheads are still £350,000 a year. It adds that it hasn’t received a sufficiently high offer for either The Marketing Guild or WiredGov.
The shares fell 0.375p to 3p. Analysts forecast profits of £550,000 in the year to November 2008. That would put the shares on less than nine times earnings but investors are unlikely to take this on trust given the past disappointments.
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