31/12/2003
Television and production house Einstein, the doomed Aim company currently in administration, finally issued results for the year to December 2002 today. These results were as appalling as all observers of this company expected. After putting its Einstein TV arm and its Einstein Consulting arm into administration, and enduring various write-offs and write-downs (not to mention other failed corporate escapades and emergency fundraisings) Einstein departed 2002 with losses of £6.8m. It needed the support of its creditors and bankers to stay afloat. The first half of 2003 hasn't been any better, with its weak financial position preventing it from gaining any significant new business. In the half to June 2003 losses of £430,000 were racked up on pitiful sales of £113,000. In July this year it put itself into administration and is now busily attempting to put together a creditors voluntary arrangement package. The only thing this company seems to have achieved in its life on Aim is to provide other chief executives with an object lesson in how not to run a public company.
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