Loqus Holdings plc - Half-Year Results

On 12 April, Loqus Holdings plc published its half-year results covering the six months ended 31 December 2012. During this period, the Loqus Group incurred a 21% drop in revenues to €1.6 million reflecting the hardware sales registered in the previous comparable period. The drop in income was largely compensated for by a 22% drop in operating expenses to €1.5 million leading to a 10% decline in earnings before interest, tax, depreciation and amortisation (EBITDA) to €0.12 million.

The 23% reduction in the Group’s depreciation charge to €0.2 million was counterbalanced by the 45% increase in finance costs to €0.16 milion. This resulted in an unchanged loss for the period under review of just below €0.3 million.

The Directors explained that the search for suitable business partners to acquire components of the Group’s business is still on-going. Such acquisitions should help the Group grow. Furthermore, the Directors explained that the immediate priority for the Group remains that of achieving profitability whilst supporting its cash flow position.