Final accounts for the now-defunct real estate exchange IPSX show a company unable to overcome hefty costs and climb out of the red.
Accounts for IPSX Group covering the year to 30 June 2022 and lodged with Companies House this week reveal a loss of £6.9m. In its prior accounting period – extended to 18 months due to a change in accounting dates – it lost £5.6m.
The accounts, which consolidate the group’s results and those of its IPSX UK subsidiary, show turnover dropping to £107,206 from £167,844. Expenses were largely flat at £5.6m.
The company said in September that it would wind down the business. In the latest accounts it said its intangible assets of £1.4m had been fully impaired, and that redundancy costs stood at £128,000.
When it announced the closure, the company said a “perfect storm of macro headwinds” had left it “unable to scale the platform at a rate which would have avoided this scenario”.
In an interview with EG, chief executive Roger Clarke said the group had spent the summer trying to raise fresh funding across various deals. “We’ve just run out of time,” he added.
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