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Lo-Q
- BY: Andrew Hore |
- POSTED: 20/07/2010 |
- COMMENTS: Add yours
Virtual queuing systems developer Lo-Q has parted company with chairman and chief executive Jeff McManus.
There is no immediate permanent replacement but Lo-Q says that it already has a preferred candidate for the role of chief executive. It is in discussions with that person who is then expected to undertake a review of the group.
Lo-Q has also published its delayed interim figures. The original date for their release was 5 July and they were published at 5.30pm on 20 July.
A change in the year end from December to October means that the interim figures cover a time when revenues are low. Even so, visitor utilisation of the Lo-Q system rose 18% during the period. More than four-fifths of revenues will come in the second half.
In the six months to April 2010, revenues grew by one-fifth to £2.46m. The reported loss fell from £1.11m to £900,000. The capitalisation of intangible assets increased from £126,000 to £238,000 as Lo-Q develops its system for water parks. This system is already on trial in two water parks.
There is £2.87m in the bank at the end of April 2010, which is the low point in the year for cash.
Lo-Q’s main customer, Six Flags, came out of Chapter 11 in April. Five other parks have extended contracts and two new parks have been signed up – one of which is a Six Flags park.
Acting chief executive and company founder Leonard Sim says that a strategic review has identified additional markets for the company’s technology.
The share price has not been given a chance to react to the announcement. At 109p a share, Lo-Q is valued at £17.5m. The share price reached an all time Aim high of 137.5p during April.
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