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Imaginatik

  • BY: Andrew Hore |
  • POSTED: 08/02/2013 |

Innovation software and consultancy provider Imaginatik has lost business and it is considering leaving Aim.

According to Imaginatik “both revenues and operating losses are likely to be below market expectations”. Presumably this means that the operating loss will be higher than forecast.

Imaginatik has consistently disappointed and a raft of new contract wins in recent times has not been enough to move the business back into profit.

Three existing customers, that were expected to generate fees of £350,000 in the year to March 2013, have decided to save money and not renew their contracts. There is also uncertainty about the signing of some of the new contracts.

Imaginatik is considering leaving AIM because of a lack of liquidity and difficulties raising money. There were 22 trades in December.

The share price dived 0.16p to 0.12p, which values Imaginatik at £1.06m. In August 2011, Imaginatik raised £1.64m at 0.5p a share. A further £1m was raised at 0.3p a share less than one year later.

Management says that it is difficult to raise new money in the market but that is unsurprising considering the disappointing performance of the business. Whatever market the company were on it would find it difficult to persuade investors to part with their cash.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2013_40.pdf

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