Growth market operator PLUS is to conduct a ‘comprehensive strategic review’ after announcing a loss of £8.4 million.

Growth market operator PLUS is to conduct a ‘comprehensive strategic review’ after announcing a loss of £8.4 million.

PLUS Markets Group saw revenues fall 6 per cent to £3 million in the year to December 2009, suffering from a low level of admissions to the PLUS-Quoted market, although the volume of shares traded on its platform grew 45 per cent to £52.8 billion.

Under the new leadership of Giles Vardey as non-executive chairman and Cyril Theret as chief executive, both of whom joined PLUS last month, the group now aims to ‘align costs to existing revenues’ as well as seeking new revenue streams.

Vardey states, ‘PLUS intends to reduce costs still further in business areas where there are no clear revenue benefits to be obtained, as part of its drive towards profitability.’

The company, which is quoted on AIM, has a cash balance of £10.7 million after attracting an investment of £5 million from a syndicate of Middle Eastern backers last year