ICL’s identity as UK national champion has gone; UK software firm Cedar Group has been taken to the edge; UK ecommerce company Izodia’s already low share price is tumbling after the decision to pull out of Scandanavia. Could things get much worse for the so-called UK IT industry?
Well, yes seems to be the answer. Next Tuesday the fate of InterX, a grandiose attempt to build a UK software group that could compete with the likes of SAP, could be determined when it unveils results that will be “substantially below market expectations”.
Once valued at over £1 billion, the company saw its share price collapse 74 per cent to 18 pence on Wednesday as speculation mounted that a ‘For Sale’ sign was now almost inevitable. Typical of the company’s problems is its admission that it is owed £18 million by a US firm Diligenti which is itself in deep financial trouble.
As recently as last year the company seemed to have a real chance of success. But it has never recovered from the self-inflicted damage of ousting former Oracle UK boss Philip Crawford following a row with the board of directors over sales strategy.