News blog

ILX Group

• BY: Andrew Hore |
• POSTED: 04/12/2012 |

ILX Group, the e-learning software provider whose chief executive Ken Scott resigned last month, is restructuring its operations having fallen into loss.

Operating costs are being reduced and non-profitable capital expenditure curtailed. Financial controls have been strengthened. Acquisitions are also being considered.

Revenues improved from £5.91m to ££6.01m in the six months to September 2012 but a profit of £115,000 was turned into a loss of £311,000 due to higher costs. This is before a £1.91m restructuring charge the majority of which the majority is a non-cash write-down. Australia and New Zealand revenues were 17% higher but UK revenues fell.

During the summer, Praxis Trustees invested £1.19m at 10p a share for a 29.9% stake in ILX. Net debt was £633,000 at the end of September 2012. Management says that it wants to raise more cash.

At 10.12p a share, ILX is valued at £4.04m.

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