News blog
Plus Markets Group
- BY: Andrew Hore |
- POSTED: 16/09/2010 |
Interim figures from Plus Markets Group come too early to indicate whether the strategy changes in the business are paying off.
Revenues barely rose from £1.49m to £1.53m but PMG is beginning to reap the benefits of its cost cutting and the loss was more than halved from £5.71m to £2.48m. Next year annual overheads will be less than £5m.
The cash outflow was more modest than in the past thanks to a sharp rise in trade payables. The cash figure fell from £10.7m to £9.73m.
PMG has a number of new initiatives that it hopes will help to generate more revenues. It will take time for these new services to be launched and for them to build up revenues.
Former PMG boss Simon Brickles has resigned as vice chairman and left the board.
The board believes that PMG can be profitable within two years.
At 1.74p a share, PMG is valued at £6.73m.
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