IQ considers sell-off amid tough trading conditions

After making a £300,000 loss for the first half of its financial year IQ said it expected to make a profit in the final six months. However, following the postponement of “some large contracts” since that announcement in June, the firm said in a trading update today that group results for the year to 30 September would be “significantly below market expectation”.

IQ said a strategic review of operations is now under way “which may result in a sale of the group’s subsidiaries”. It added that discussions were at “a preliminary stage and there can be no certainty that any such transaction will be concluded”.

The firm raised £150,000 for working capital purposes in September through the issue of convertible unsecured loan notes.

Earlier in the year it acquired Viewpoint and sister company The Wire in a £1.5m deal with Media Square. The Wire ceased trading soon after the deal’s completion.