News blog
SyQic
- BY: Andrew Hore |
- POSTED: 02/01/2017 |
A six month suspension of trading means that SyQic is no longer on AIM.
SyQic has not been able to sort out its financial position in time to retain the AIM quotation following a six month period of suspension.
A proposed bid for SyQic had already fallen through. SyQic has been plagued by late payment by its mobile network customers and it needs to raise more cash in order to improve its financial status. Otherwise, there are doubts about how long SyQic can remain trading without receiving further payments - as suggested by the qualified audit opinion for the 2015 accounts.
In the first half of 2016, revenues were £6.2m but trade receivables were £13.9m at the end of June 2016, up from £11.5m at the end of 2015. An interim profit of £2.1m was declared but the cash generated from operations was £542,000, after an increase in amounts due to directors of £512,000.
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