The au business took a 90% hit in revenue in March, and the business could not afford the au overheads (head office costs + staff) and banked that the c19 would be a lot worse/longer. Putting the au staff on part time means they invariably leave, but as the market has improved, 9 months later there is no one left to bring in new clients/bring back. The UK has been propped up by govt furlough but the advertising market and model collapsed. The business was hamstrung when BB took it over with debt, legal cases combined with fragmented recently purchased businesses which were in rapid decline. 'The destruction of shareholder value' as BB called it happened years ago, it just takes a while to shake out. Fingers crossed that some of the suggestions listed above are do-able, and the company can continue on.
IMS Price at posting:
0.6¢ Sentiment: None Disclosure: Not Held
