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IQ Considers Sale of Research Units
AIM-quoted B2B research specialist IQ Holdings is considering selling some of its research subsidiaries in response to continuing difficult trading conditions.
In a trading update issued today, the Board said it has commenced a strategic review of its operations, which may result in a sale of IQ Research, Viewpoint Field and Rosslyn Research.
However, discussions are at a preliminary stage, and the firm confirmed that there can be no certainty that any such transaction will be concluded.
In April, the group announced a net loss of £440k for the year ended 30 September 2008, with its liabilities exceeding its assets by £677k.
These losses cast doubt on the group's ability to continue as a going concern, and it reacted in June by taking 'decisive actions' to bring the group into profitability. These included the cessation of trading at fieldwork firm The Wire , eliminating costs at IQ Research and making cost efficiencies at Rosslyn Research.
Since the announcement of its interim results, some large contracts have been postponed by customers, and consequently the group says that results for the year to 30 September 2009 will be significantly below market expectation.
Web site: www.iqholdings.co.uk .
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