Mon, 29 Mar 2010 | BUSINESS NEWS
A strategic review of operations has been launched at UK bourse, Plus Markets Group Plc.
The company, which focuses mainly on small and mid-cap securities and selling market data, says it has suffered from a slow market in the past year or so.
Chairman Giles Vardey said, "We have launched an immediate strategic review of all our activities as our business plans need to be clear and credible.”
By the end of last year, 179 companies were listed with the firm, with a combined market cap of £2.5 billion. However, over the year, only 24 new companies were quoted on PLUS, which was far exceeded by the 52 firms that left.
The company explained that its revenues were suffering as a result of the lack of new customers. It stated, ‘The low level of new issues in 2009 continued to reflect the difficult financial market conditions that the group operates in, and has put the PLUS-quoted market in negative net growth for the first time.’
By the end of 2009, the company had £10.7 million and no debt and says that it will continue to operate as a going concern for the foreseeable future.
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