Friday, 24 July 2009

Invu raises £1.5m as revenues plummet

(By Anthony Miller – Thursday 23rd July 2009 9:45am). As we keep on saying, it is just so tough out there, especially for the ‘Little British Battlers’ like document management software firm, Invu, which announced both its FY results (see here) and a placing (see here) yesterday. This was I guess a bad news/good news story. The bad news was that Invu made a thumping £8.8m net loss as revenues plummeted 60% to £3.4m. The good news was that they managed to raise £1.5m in a placing and convertible loan notes issue, though this will dilute the stock by 31%. Non-exec chairman Daniel Goldman (son of the late Sage founder, David) called the year, “the most challenging of the Company's existence”. The news brought AIM-listed Invu’s shares down 16% to 2p, valuing the company at £2.7m. They had been as high as 24p a year ago.

You will be able to read more about the quoted sector scene next week in the latest TechMarketView IndustryViews Quoted Sector quarterly review where, among other things, we tell you about the AIM-listed UK software and IT services companies that didn’t make it.

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