Fairpoint Group suffered a £2m impairment charge on its Moneyextra brand as it incurred £4.1m of exceptional costs for the 2011 financial year, the firm revealed in a trading statement. The Group suffered £1.7m of exceptional costs in the first half of 2011, of which £1.5m was a non-cash impairment on its outgoing Individual Voluntary Arrangement (IVA) systems. A further £400,000 was paid out in the second half of the year as part of “cost reduction activities”, while poor trading in the second half of the year at Moneyextra, which Fairpoint Group acquired in 2010, resulted in a £2m non-cash impairment charge incurred against the brand and goodwill recognised when the business was acquired.....Read more HERE