GrowthOps reports $48m loss as Asia-Pacific Digital writedowns bite
Marketing and technology group GrowthOps has reported a $48m loss as write downs from its acquisition of fellow ASX listed company Asia-Pacific Digital hit the business’ bottom line.
Along with the loss, the company also announced founding managing director Phillip Kingston would be stepping down, with CEO Paul Mansfield taking the role.
Kingston served as the company’s managing director since its IPO last year and will remain on the board as an executive director from March 18.
This surprises no one in Singapore. APD has never been a strong network or even a real agency. They’ve tried their best but it’s been a revolving door of talent at senior levels and those who have stayed aren’t the good ones. This is a real shame for AJF.
Looks like about a year to burn through the remaining cash….
As I predicted 12mths ago, the only people who would make money out of this is those who were smart enough to short it on the ASX.
You should really learn how to read a financial statement.
AJF is a fine agency. Its’ owners deserve much better than to be associated with what in my humble opinion is fast looking like a train wreck. I wish them well.