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Access Intelligence
- BY: Andrew Hore |
- POSTED: 23/03/2009 |
Access Intelligence has not made any progress in selling most of its non-core marketing and data management services businesses and now intends to keep them.
Access intended to concentrate on its Software as a Service operations. It acquired information management company Solcara for £750,000 last year following the arrival of new board members in September 2008. The remaining non-core businesses are now profitable and generating cash but it appears that Access could not generate a good enough price for them.
The figures for the year to November 2008 reveal that The Marketing Guild was sold on 16 October 2008 to an unnamed buyer for £1. This business made a trading loss of £2,000 and an overall loss of £1.75m. Revenues fell from £171,000 to £79,000.
The group loss before the discontinued activity jumped from £75,000 to £4.38m. Most of that loss was write-offs and non-cash items. The operating loss was £655,000.
Revenues improved from £3.9m to £3.97m, with all the improvement coming from the core SaaS business.
At 2.5p a share, Access is valued at £3.99m.
Net cash was £717,000 at the end of November 2008. A further £100,000 was raised at 2.75p a share in December 2008.
Management says that the company is now profitable.
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