Mporium disposes of loss making Fast Web Media business

Marketing technology outfit Mporium offloaded its technology-led digital agency business Fast Web Media to International Agency Group for a nominal consideration of £7,500 on Thursday.

Mporium's transaction followed a "comprehensive restructuring" of its operations and business around its performance-led MporiumX division.

The AIM-listed group said the FWM division generated revenues of £355,000 in the year ended 31 December, as well as full-year losses of £952,400 - leading the group to take the decision to fully write down its carrying value in its consolidated financial statements.

Since then, Mporium noted that the financial performance and prospects of the FWM business had not materially improved despite cost reductions having been implemented.

Chief executive Nelius de Groot said: "Having reviewed our options carefully, we are confident that this is the best course of action for both Mporium and FWM, one which will allow Mporium to focus on the MporiumX business, with the goal of delivering the best possible outcome for our shareholders."

As of 0850 BST, Big Sofa shares had slid 1.57% to 0.90p.