News blog
Plus Markets Group
- BY: Andrew Hore |
- POSTED: 21/05/2010 |
Plus Markets Group has recognised the need to cut its costs but it has still to complete the second part of its strategic review, which concerns revenue generation.
In 2009, Plus reported admin costs of £11.56m, although £2.81m were one-off charges. The plan is to reduce the cost base to less than £5m in 2011. That is still much more than the £3.04m of revenues generated in 2009.
Management hopes to reach break even within two years by growing revenues. Plus has enough regulatory capital and says that it “will not require a fundraising in the foreseeable future”.
The review of how to generate more revenues is underway. Although Plus-traded has been successful in attracting volumes it has not generated reporting or transaction fees. Plus needs to find a way of generating revenues from this area of the business as well as attracting new companies to Plus-quoted, where the number of new issues so far this year has been higher than expected.
At 2.375p a share, Plus Markets is valued at £9.19m.
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