London’
s AIM market listing has suspended IDE Group shares following the failure to publish 2018 results on time.
Under AIM rules, companies had until the end of June to release their financials for 2018.
IDE did actually publish results on Friday last week, but they were not audited, and IDE said it would work to get audited figures out in early July. The company’s pretax loss more than doubled, with revenue falling 24 per cent.
The narrower loss was driven by the company’s efforts to reign in cost.
As a result of the strategic and operational review undertaken, annualised staff cost fell by £7.2 million.
‘Towards the end of the year, several of the Group’s material customers renewed their contracts with IDE, some on a multi-year basis, and at the time of writing, the pipeline of opportunities across the business both with existing and new customers and partners is the strongest it has been since my involvement,’ the company said.
‘The Group has been trading profitably at an Adjusted EBITDA level in the year to date. We are confident our strategy is on track and look forward to reporting continued progress throughout the current year,’ the company added.
