Optimisa makes £4.5m loss and considers delisting

by Daniel Farey-Jones, Brand Republic 22-Jun-09, 14:50

LONDON - Research firm Optimisa has reported a £4.5m loss for 2008 and has given shareholders notice it intends to delist from the Alternative Investment Market.

Optimisa is also aiming to sell its loss-making US business Nxt:Move to ensure it stays within its bank covenants. If it is not within its covenants at June 30 its bankers could force it to renegotiate the terms of its loan facilities.

The company will seek approval to delist from AIM at its annual general meeting on July 17 -- it claims doing so will help it save £100,000 per year on head office costs.

Optimisa's accounts show the company's revenues rose 54% in 2008 to £17.7m. However, its 2007 post-tax profits of £1m turned to a loss after it took a £5.2m impairment charge on its investments in EQ Group and Nxt:Move.

Ron Littleboy, executive chairman of Optimisa, also admitted the first quarter of 2009 brought "an unprecedented drop in revenue of over 20% across the group".

**For more on Optimisa's finances read Bob Willott on the Bottom Line**