African Lakes raises 0.5m for ISP expansion
- Dec 31, 2001
Earlier this month, the former automotive and plantations group announced the sale of its remaining plantation assets with the proceeds to be used to continue the strategy of building a pan-Africa communications and ISP business.
In its full year results for the 12 months ended September 2001, the group reported turnover of 31.7m, a gross profit of 8.7m and an operating loss - after a 1.2m goodwill charge - of 3.2m. These results include a full year of automotive and plantations and 6 months of Africa Online which is reported to have already achieved operating profitability. Cash reserves at the end of that period amounted to 3.0m.
The company has attracted a number of heavyweight investors since it began its strategy to build Africa's leading ISP and communications company in September 1999 including Friend Ivory & Sime, Jupiter, Morgan Stanley and Mercury Asset Management.
Shares in African Lakes were unchanged at 7.25p, valuing the company at 6.9m.