Hyro to settle $2.3m tax bill
Digital marketing agency Hyro has announced that it raised enough capital to settle an outstanding multi-million dollar tax bill by next month.
The announcement:
Hyro Limited (ASX:HYO), Australia’s first and largest digital company has successfully settled with the ATO, for the last of its historical debt and announced a capital raising of approximately $4 million to provide additional working capital and clear all debt by April 2011.
Having achieved $26 million revenue in 2010 this will put the company in the black with a positive net asset position of $1.4 million.
“From the outset Hyro has maintained solid partnerships with the major industry vendors and been loyally supported by 250 stoic staff across Australasia.”
Let’s hope that the reverse is true and that Hyro remembers to supports its staff when the worst is over. A company is nothing without its people.
It is heartening to see Hyro getting back in the black again. It was a pioneer in merging marketing, business and technology disciplines and has had some outstanding people working for it from the board down. Every industry needs realistic visionaries such as Hyro. The shame is that over its rise and fall (and now hopefully another rise) it was plagued by being in the right marketing and technology place at the wrong economic time.
@Dazza: don’t hold your breath.
Still sounds like more spin than substance! The GFC helped them get out of $24million debt for $2.4million – otherwise they’d be still well and truly in debt up to their ears.