News blog
Intellego
- BY: Andrew Hore |
- POSTED: 07/08/2009 |
Intellego Holdings is on course to move into profit this year even though it reported higher losses in the year to March 2009.
The e-learning and training business increased its revenues by two-fifths to £2.34m but the reported loss rose from £408,000 to £503,000. If exceptional charges are excluded then the loss is around £100,000.
The best sectors have been retail and pharmaceuticals. It has been taking longer to secure work with new customers because they are cautious about spending money.
Revenues were boosted by initial contributions from two acquisitions. These have been integrated and this helped Intellego to reduce overall costs.
Intellego has raised additional cash and agreed a repayment schedule with HMRC since the end of the financial year. Intellego raised £150,000 at 0.5p a share and secured a five year loan of £200,000. The £460,000 debt to HMRC will be repaid at £17,000 a month.
Intellego is small and management is keen to grow through acquisition as well as organically. Intellego wants to acquire businesses with a good customer base or which will provide the company with an entry into a new sector. Price has been the main stumbling block for potential acquisitions that have been considered by Intellego.
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