Patsystems plunges to £15m loss

12 April 2012

SOFTWARE group Patsystems revealed it had sunk to a £15.1m annual loss, hours before it was due to fend off an attack by rebel shareholders. Chief executive David Jones blamed previous management, some of whom are behind the rebels, for the worsening losses, which include a £3.1m charge for duff third-party arrangements.

The loss for 2001 compares with a £9.6m deficit the previous year. There is an extraordinary general meeting today.

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