Sales promotions provider MKM Group has closed its Australian operations and is focusing on developing its Airport Angel product.
The Australian businesses were acquired in October 2007 but the poor economic environment in the country meant that MKM discontinued its activities. It has retained some work in Australia but this is relatively minor.
After the March 2009 year end, MKM sold 90% of its loss-making marketing and communications subsidiary Promodus in return for 8% of the buyer Stripe Marketing. This led to a goodwill write-off of £430,000.
Revenues dipped from £3.81m to £3.76m in the year to March 2009. the loss increased from £3,000 to £914,000 – including the goodwill write-off. Net debt was £687,000.
MKM will concentrate on its core UK businesses. Airport Angel offers members access to airport lounges and other services. There are seven corporate clients in the financial services sector.
Shares in MKM fell 0.125p to 1.125p each, which values the company at £1.05m.
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