News blog
Accuma
- BY: Andrew Hore |
- POSTED: 17/08/2007 |
- COMMENTS: Add yours
Debt management firm Accuma says that its full figures will be in line with expectations, although those expectations have been cut dramatically over the past seven months.
The tougher IVA market has hit Accuma hard. Creditors are less willing to agree to IVAs and competition has got fiercer. Accuma is still averaging 190 new IVAs each month, though. The 6,000 IVAs that it already has in its books will generate £18m in revenues assuming they are all completed.
A new fee structure has yet to be agreed with the main banks so the uncertainty in the IVA sector could continue.
Accuma has had problems with other parts of its business. At the moment Accuma’s debt management and loan businesses are trading in line with expectations. Deferred consideration is due on some of these acquisitions over the next six months. There is cash in the bank of £3.3m. The figure was £5.77m at the end of January.
The full year figures are expected to be published during the week beginning 15 October. House broker Daniel Stewart forecasts profits of £2.4m for the period, rising to £2.9m in 2007-08. At 23.5p, the shares are trading on less than five times forecast earnings for 2006-07 but the current share price reflects the nasty surprises served up earlier this year.
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