Contract postponements and tough trading conditions mean that IQ Holdings results for the year to September 2009 will be “significantly below market expectation”.
IQ was expected to report a loss of £150,000 in 2008-09. That assumed that full year revenues would be £3.5m.
The market research company’s board is talking about selling the trading operations of the company. The problem is that the operations are too small to handle the costs of being quoted. IQ recently raised £150,000 from a convertible loan note issue.
Discussions are at an early stage.
IQ reported an increased loss of £298,000 on revenues of £980,000 in the six months to March 2009. Net debt was £829,000. Management has already started to scale back operations. IQ made a loss of £440,000 in the year to September 2009.
Shares in IQ fell 0.035p to 0.12p each, which values the market research company at £1.58m.
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