NEWS20 November 2009

IQ considers sell-off amid tough trading conditions

Financials UK

UK— IQ Holdings is considering putting its IQ Research, Viewpoint Field and Rosslyn Research subsidiaries up for sale amid “difficult” 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.