Venue Solutions managed to avoid the suspension of its shares by reporting its full year figures prior to the opening of the market on 2 June.
Venue Solutions’ year end is November so it had to report its figures before the market opened in June or the shares would automatically be suspended.
The screens installer’s figures make predictably poor reading. Revenues were flat at £2.93m in the year to November 2007. The loss soared from £760,000 to £2.84m. The figures were hot by the delayed launch of the YourDay personalised visitors DVD service at Alton Towers.
Management claims that the core business should move into profit in 2008, thanks to cost reductions.
YourDay, which changed its status from associate to subsidiary during the financial year, has significant potential but it will require working capital and investment to tap that potential.
Management makes no secret about the company’s cash shortage. Net debt was £194,000 at the end of November 2007 and the company is trying to raise more cash.
The shareholder meeting requisitioned by rebel shareholders who want to replace the management will be held on 10 June.
The shares made a small recovery after the figures were announced. They rose 0.125p to 3.5p.
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