Results are out today for the year to 31st January 2012 for AIM listed media group Vitesse (VIS) – a business that never had the scale to justify an AIM quote and which should never have been listed. Its listing has meant stacks of fees for advisers, has justified executive pay which would not have been allowable in a private company and has screwed shareholders consistently over the years. I guess that is AIM in a nutshell.
The pre-tax loss is c.£500,000 and the operating loss £71,500 with the net cash outflow at £96,527. Does this matter? Well it does when you have zero cash at the year end and when trade creditors of £1.04 million plus debt of £317,000 swamp current assets (of which none is cash) of £745,000. Yet the shares are up this morning – BB loons alert!
on ShareCrazy | CommentsFiled under: