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  • BY: Andrew Hore |
  • POSTED: 20/12/2011 |

Retail software systems provider Prologic has appointed Cobalt Corporate Finance to undertake a strategic review which could end up with the company being taken over.

Prologic has been restructured but it still needs additional finance and it may be easier to obtain this from a new owner. The retail market remains tough but Prologic is trading reasonably given the underlying market.

Annualised costs have been reduced by 1.12m. Revenues fell from 4.94m to 4.37m in the six months to September 2011, while pre-restructuring profit declined from 80,000 to 12,000. The cost reductions will have a greater effect in the second half. Cash was generated from operations but not enough to cover the 763,000 of capitalised development spending.

At 26p a share, Prologic is valued at 2.6m. The share price has nearly halved in the past year. There was 790,000 in the bank at the end of September 2011.

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