Loqus Holdings plc - Full-Year Results

Wednesday, April 10th, 2013

On 10 April, Loqus Holdings plc published its financial statements for the financial year ended 30 June 2012 revealing a net loss of €0.84 million representing an improvement over the previous year’s €1.4 million net loss. The lower loss figure is due to various cost reductions as the Group undertook a restructuring and consolidation exercise as well as a lower incidence of provisions against potential impairments on trade receivables. These also helped offset the decline in revenue as the Group failed to secure new clients and registered lower hardware sales. Furthermore, Loqus incurred an increase in finance costs reflecting the new facilities obtained from the Group’s bankers to cover the shortfall in cash flow.

Looking ahead, the Loqus Group is expected to continue restructuring. In this respect, the Chief Executive Officer Mr Joe Fenech Conti explained that whilst the Group is still in negotiations to find a suitable partner for its Fleet Management solution, the Group has identified other business elements for which it will be seeking new partners as they are performing well as standalone components. Mr Fenech Conti envisages that new partners will provide cash injections and growth.  Moreover, in an attempt to lower costs further, the Group will be moving to new premises in the coming weeks at a lower rental charge.

Furthermore, the Group has moved its focus away from research and development and more onto strategic projects which could turn into products over times.

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