News blog
Adventis
- BY: Andrew Hore |
- POSTED: 19/09/2011 |
Marketing services provider Adventis is closing its Adventis Health.
This will be an orderly winding down of the business. There are 24 employees and they will either be redeployed or made redundant. There will be an impairment charge of £1m.
The remaining divisions are technology and telecoms, property and media buying. These generated£7.7m of the £10.2m of revenues in 2010 and made an operating profit of £1.75m. The health business lost £469,000.
The Newspaper Publishers Association terminated its recognition of two of the company’s subsidiaries in March because of concerns about their financial strength. The NPA Joint Recognition Committee upheld the group’s appeal in June so the two companies were able to continue trading on a normal basis.
At 2.25p a share, Adventis is valued at £1.09m.
Net debt was £3.08m at the end of 2010 and there was also £2.67m of potential deferred consideration.
Interim figures are due to be published on 27 September.
Download the September 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2011_24.pdf
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