News blog

Accuma

• BY: Andrew Hore |
• POSTED: 20/03/2008 |
• COMMENTS: Add yours

Things don’t seem to be getting any better for Accuma.

The debt management business lost £14.7m in the five months to December 2007. Most of that relates to balance sheet write-offs but there was still a £2.9m loss excluding that.

Debt management reported a profit but the IVA and loan broking operations lost money. At the end of February there was net cash of £914,000 so there is little room for further losses.

The IVA business remains weak although the business has stopped spending cash on advertising. This business might be sold. There have been approaches but the management believes it is worth more than the group’s current market value. House broker Daniel Stewart reckons that, based on the price paid for the Debtmatters IVA business, Accuma’s IVA business could be worth £4.2m.

The shares fell a further 2p to 14p, valuing the company at £4.58m.

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