MSP IDE Group is undertaking a “full review” of its operations, which includes getting rid of its Connect business.
The company is suffering after its revenue fell to £24.1 million, down from £28.2 million in 2019, while adjusted EBITDA declined to £0.5 million from £1.1 million in the prior year. The company had a net loss from continuing operations of £18.5 million, down from a loss of £8.5 million in 2019, following “a £17.2 million amortisation and impairment charge”.
The business made several cost-cutting measures last year, including redundancies in areas that saw a decline.
Non-executive chairman Andy Parker said in the results that 2020 was an important year in the ongoing rationalisation of IDE’s trading businesses.
