Accuma back in profit but market remains tough
DEBT management group Accuma today said that it made an operating profit in the first half of the year despite trading conditions remaining difficult.
The AIM-listed Manchester-based firm said that it is to retain its IVA arm after it received little interest from potential buyers when it was put up for sale in March.
However it is to focus its efforts on its Byrom & Keeley debt management division after its Loan Line loan broking and IVA operations were hit hard by the credit crunch.
It is now considering options for the future of Loan Line.
Chairman Charles Taylor said: “Conditions in our market places remain challenging and the return to profitability of the group is to be welcomed. The losses within the loan broking division and the limited growth prospects in the IVA division means that our strategy is now focused on the potential growth in the debt management division. The ongoing effects of the credit crunch should provide an opportunity to increase client numbers within this division particularly as the impact of increases in utility bills are realised in the new year.”
The group made an operating profit before interest, tax, depreciation and amortisation of £185,418 in the six months to June 30 on revenue down 7.6% to £6.1m.
Mr Taylor said the operating profit was down to cutting costs in its IVA division
Accuma has £1.5m of cash on its balance sheet and said that would be more than enough to pay a final earn out payment next March to the former owners of Byrom Keeley, which it bought two years ago.
