INVU Invu

 

TIDMINVU 
 
RNS Number : 6690D 
Invu plc 
07 December 2009 
 

 
 
 
 
7 December 2009 
 
 
Invu plc 
 
 
Trading Update 
 
 
Invu plc (LSE, AIM: INVU) ('the Company') announces that since it reported its 
interim results on 15th October 2009 it has began to see some signs of 
improvement following the restructurings made earlier in the year however the 
prevailing tough economic conditions have slowed its return to profitability. 
 
 
The Board now expects revenues for the second half of the current financial year 
to be below its expectations and as a result has decided to reduce the Company's 
operating overheads in order to ensure the business is EBITDA breakeven at 
around GBP2.8 million of revenue per annum. 
 
 
The costs related to this business realignment, which will include a significant 
reduction in employees, are expected to be approximately GBP0.1 million and will 
be incurred in the fourth quarter of the current financial year ending 31 
January 2010. 
 
 
As announced on 15 October 2009, the Board had agreed in principle to a new 
GBP1.5 million financing facility. To date the Company has received a total of 
GBP1.0 million in bridge funding to cover its cash requirements prior to the 
completion of negotiations for this new facility. 
 
 
The Board believes that the combination of this right-sizing of the business and 
the new financing facilities will improve the Company's position allowing it to 
return to EBITDA breakeven by the end of the second half of the next financial 
year and ensure that the business is well positioned to grow profitably 
thereafter. 
 
 
 
 
For further information please contact: 
 
 
+----------------------------------------------+------------------------+ 
| Invu plc                                     |          020 7665 8900 | 
+----------------------------------------------+------------------------+ 
| Daniel Goldman, Non Executive Chairman       |                        | 
+----------------------------------------------+------------------------+ 
| Colin Gallick, CEO                           |                        | 
+----------------------------------------------+------------------------+ 
| Ian Smith, CFO                               |                        | 
+----------------------------------------------+------------------------+ 
|                                              |                        | 
+----------------------------------------------+------------------------+ 
| Canaccord Adams                              |          020 7050 6500 | 
+----------------------------------------------+------------------------+ 
| Simon Bridges                                |                        | 
+----------------------------------------------+------------------------+ 
|                                              |                        | 
+----------------------------------------------+------------------------+ 
| Financial Dynamics                           |          020 7831 3113 | 
+----------------------------------------------+------------------------+ 
| Juliet Clarke / Haya Herbert-Burns/ Emma     |                        | 
| Appleton                                     |                        | 
+----------------------------------------------+------------------------+ 
|                                              |                        | 
+----------------------------------------------+------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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