Loqus Holdings plc - Interim Results

Tuesday, March 1st, 2016

On 29 February, Loqus Holdings plc published its interim results covering the six months ended 31 December 2015.

Performance Overview

During the period under review, the Group reported a 15% increase in revenue to €2.1 million (H1 2014: €1.8 million) whilst costs declined by 6% to €1.7 million. This led to a substantial improvement in the Group’s earnings before interest, tax, depreciation and amortisation (EBITDA) as it doubled to €0.34 million (H1 2014: €0.17 million). After accounting for a depreciation and amortisation charge of €0.14 million as well as €0.11 million in finance costs, the Group reported a profit before tax for the period under review of nearly €0.09 million as against the €0.12 million loss incurred in the previous comparable period.

In the Interim Report, the Board of Directors referred to the letter of intent signed with a third party investor for the acquisition of the Company’s entire fleet management business and related Intellectual Property Rights. In this respect, Loqus confirmed that a due diligence exercise and related negotiations are currently underway.

Outlook

Looking ahead, the Directors explained that the Company will press ahead with its strategy of achieving profitability. This mainly entails the improvement to the Company’s working capital position (through a reduction in borrowings and other obligations) and the conclusion of the sale of the fleet management business. Any agreement reached for the sale of the fleet management business will be subject to shareholders’ and any applicable regulatory approvals.

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Loqus Holdings plc – Half-Year Report for the six months ended 31 December 2015.

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