Plus Markets posts FY preliminary results

Source: Plus Markets

Plus Markets Group plc (the "Group") reports its preliminary results for the year ended 31 December 2009.

Highlights

  • Low level of new admissions (24, 2008 - 40) reflected the difficult financial market conditions, resulting in a small decrease in the number of PLUS-quoted companies;
  • Completion of PLUS's small and mid-cap service offering, following the commencement of trading in all AIM securities on 21 August;
  • Trading volumes achieved in 2009 continued to grow, with a 45% increase in value traded on PLUS to £52.8 billion (2008 - £36.4 billion);
  • Investment by Amara Dhari Investments Limited, a syndicate of investors from the Middle East, raising £5 million to support the balance sheet and international expansion;
  • Revenues down 6% at £3.04 million (2008 - £3.25 million), on administrative expenses of £11.56 million (2008 - £10.15 million), after non-recurring expenses of £2.8 million;
  • Loss before depreciation, amortisation, impairment and interest received of £8.43 million (2008 - £7.36 million), including non-recurring expenses and share-based payment charge. Loss after depreciation, amortisation, impairment and interest of £8.26 million (2008 - £10.20 million);
  • The Group has no debt and retained a cash balance of £10.74 million (2008 - £14.83 million) as at year end.

Post balance sheet events

  • Announcement of Board changes on 8 February 2010, to enhance the Group's ongoing development plans to capitalise on its current franchise; and
  • Launch of strategic review.

Commenting on the annual report, Chief Executive Officer Cyril Theret said: "PLUS continues to promote its small and mid-cap franchise aggressively by increasing the visibility and quality of its market. We are conducting an in-depth strategic review of our operations to ensure alignment of revenues and costs. We are also seeking to capitalise on the value of our RIE licence."

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