The forthcoming financial results of WFCA will be hit by a £6.2 million goodwill impairment charge as a result of “a further decline in its clients’ marketing budgets since the interim statement”, the company announced this afternoon.
The goodwill write-down will wipe out 70% of shareholders’ funds at the AIM listed multi-disciplined agency based in Tunbridge Wells and is likely to further impede any prospect of raising additional finance from banks.
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