Didasko vows to overcome administration

Didasko vows to overcome administration

Didasko is aiming to be reinstated on the Australian Stock Exchange within weeks despite been placed under administration.

Hall Chadwick was appointed as administrators to the educational, training and ITC resources provider last week.

Didasko managing director, Andrew Horton, said the company's financiers had opted to place it under administration due to an ongoing legal dispute.

"The company is profitable and solvent, so it should be a short administration period," he said.

"We hope to be out of it by July 1."

Didasko is continuing to trade as normal with its existing staff, Horton said.

A creditor's meeting was planned but had yet to be scheduled at the time of going to press.

The company's financial report for the six months to December reported a $2.37 million loss on revenues of $3.05 million. This was up from revenues of just over $2.3 million for the same period a year earlier.

"The operations of Didasko have not yet reached a stage where profitable operations can provide a cash flow to support the expenditure of the company," the report stated.

According to the report, the company continued to be hindered by a litigation claim made against its subsidiary, Didasko Technologies, when it was formerly trading as e-Span Solutions.

The $225,000 claim was laid by Avanti Group International. Didasko acquired e-Span in March last year.

The administration process meant the litigation case had been concluded, Horton said.

Ironically, Horton claimed Didasko was expecting to achieve the first positive EBITDA quarter in its 20-year history.

The company has recorded several recent wins across its various subsidiaries, including a three-year contract to provide learning content services to TAFE institutions in Queensland.

Follow Us

Join the newsletter!

Error: Please check your email address.
Show Comments