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Upstream Marketing and Communications Inc
- BY: Andrew Hore |
- POSTED: 29/09/2009 |
Upstream Marketing and Communications Inc continues to find trading conditions difficult.
The Asia-based marketing services group reported a 28% fall in interim revenues to $2.09m. The disposal of one business accounted for $189,000 of the shortfall and the rest was partly blamed on a decline in post-Olympics business.
A profit of $331,000 was turned into a loss of $402,000 in the six months to June 2009. Last year’s interim profit included $350,000 of disposal income. Cost savings have been made but they will have a greater impact on the second half. Net cash was $393,000.
Upstream reported a profit of $566,000 on revenues of $9.27m in 2008.
There should be $250,000 of cost savings in the second half. Upstream continues to question whether it is worthwhile being quoted.
Shares in Upstream fell 0.1p to 0.65p each, which values the company at £890,000.
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