Acquisition Integration Update

2 Mar 2009 15:32



IQ Holdings plc

Acquisition Integration Update & Contract win

IQ Holdings plc ('IQ' or the 'Company' or the 'Group') reports that, in line with its strategy, it has commenced the integration of the business and assets comprising The Wire that were recently acquired from Illuminas Limited (a subsidiary of Media Square plc) into the Group. In view of its trading to date, a decision has been taken by the Directors to scale back The Wire's business operations. Consequently, the services of 7 employees have been terminated, resulting in considerable cost savings for the Group. The Group retains ownership of the assets of the business of The Wire including the IT platform and premises acquired in January 2009. 

The Group, via its subsidiary Rosslyn Research Limited will use The Wire's technology to continue to offer the full range of data collection services. The Directors are confident that the above steps place the Group on a firm footing for the future.

In addition IQ is pleased to announce that it has recently won a research contract worth €145,000 from a well known market research company, which is due to be completed in the current financial year.

Julian Green commented:

"I am very pleased to report that we are successfully executing our clear strategy of integration and cost cutting. We look forward to the chance to use our recently acquired technology from Viewpoint Field in the implementation of our newly won contract. Despite the challenging economic environment this contract win highlights management's belief that demand for market research will continue to provide new business opportunities for the group."

-ENDS-

Enquiries

IQ Holdings plc

Julian Green

IQ Holdings plc

Tel: 020 8099 0560

Website: www.iqresearch.co.uk

Jenni Herbert / Gemma O'Hara

Bishopsgate Communications Ltd

Tel: 020 7562 3350

Email: iqholdings@bishopsgatecommunications.com 

Gerry Beaney / Fiona Kindness

Grant Thornton UK LLP (Nomad)

Tel: 0207 383 5100

Ian Callaway

SVS Securities plc (Broker)

Tel: 0207 638 5600

This information is provided by RNS

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