Vision Media in administration

AIM-listed Vision Media was formally placed into administration yesterday.

The appointment of joint administrators Richard Easterby and Lloyd Hunton of Tenon Recovery came five days after shares in the company were suspended.

Last week the directors of the Cheadle-based business, which operates interactive advertising screens and was formerly known as Screen FX, said a worsening cash flow crisis and an inability to raise funds had forced them to seek the protection of administration.

Further announcements are expected.

In the year to last December losses before tax rose from £4.9m to £6.6m on revenue of £1.4m, slightly below the £1.5m reported in 2007.