Write-offs push Accuma to a loss

NORTH West debt advice group Accuma has recorded a loss after significant write-offs.

In the six months to June 30 pre-tax losses from continuing operations widened to £1.7m from £53,612 the previous year. Revenue dipped by 17% to £1.4m.

Impairments of £6.56m took the group’s total losses after tax to £4.6m.

During the half-year the Manchester-based group wrote down the value of goodwill relating to its Byrom & Keeley Financial Services debt advice business and wrote off £5m relating to the carrying value of its individual voluntary arrangement (IVA) businesses which were sold to Grant Thornton earlier this year.

Byrom & Keeley is now the group’s main business. Earnings before interest, tax, depreciation and amortisation (EBITDA) at Byrom & Keeley came in at around £500,000.

Accuma, which received a bid approach last month, is still in an offer period. A further statement relating to the bid is expected.