CustomVis has called in administrators to its operating subsidiary because it has failed to raise additional cash.
Shares in the laser eye surgery technology developer were suspended at 0.93p each, which values CustomVis at £1.79m. Investor Bob Morton’s family interests own 23.8% of the company.
There was £65,000 in the bank at the end of 2009 after a £560,000 cash outflow from operations in the six months to December 2009. CustomVis admitted that weak third quarter sales had put pressure on cash. Competitors were also spending more on marketing.
CustomVis increased its revenues by 82% to £2.12m in the year to June 2009 but they fell from £905,000 to £761,000 in the six months to December 2009. However, a foreign exchange gain of £1.73m helped CustomVis to report an interim profit of £1.08m.
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