Cross border payment, mortgages and foreign exchange provider Baydonhill has reported an underlying loss for the 12 months to the end of March and proposes to take its shares off the AIM exchange.

Turnover for the full year was at £1.079bn, down sharply from the £1.465bn seen in the prior year. The reason the figures are so large is because the firm makes its money from foreign exchange, so profits are a tiny fraction of turnover.

In the last 12 months those profits have fallen from £467,000 to a loss of £316,000.

Baydonhill has had a very rough time for a number of years. Since 2004, the firm's stock has lost 94.4% of its value. It is not, therefore, entirely surprising it has decided to delist (with shareholder approval at a meeting on October 26th).

Baydonhill's directors say they believe the current economic climate: "has led to significant falls in the values of the global stock markets, which have been exaggerated in small cap, low liquidity stocks.

They add that: "in the current market, the Company's market capitalisation has become disassociated with the inherent value of the firm. The directors also believe that a stagnant or falling share price has had a de-motivating effect on the business and its employees and also a potentially adverse impact on customer and supplier perception."

They won't have been cheered by today's price action, the stock fell 6.7% in morning trading and now sits at just 3.5p.

BS

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