Storm loss fails to deter acquisition ambitions
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Storm Group, the children's animation company, warned that production delays on a new television series and exceptional expenses connected to discontinued activities had thrown it into losses for 1994. But these losses had not hampered negotiations for the substantial acquisition of a larger company in the same industry, said James Driscoll, chairman.
Shares in Storm have fallen since they floated in 1990 from a high of 37p to 12.5p as the company has struggled to turn its television production and merchandising businesses into profits. Despite four rights issues in as many years, the company lost £2.1m in 1993 but made a profit of £47,000 in the first half of 1994. End-of-year results were hit by the closure of an American subsidiary, which led to a £548,000 goodwill write-off.
These setbacks have not humbled Mr Driscoll's ambitions. Encouraged by the signing of a fourth series of Astrofarm in December and the imminent completion of Creatures of Delight, he has signalled that the company is on the point of a reverse takeover ofa company with a more substantial product base and a more stable income stream.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments