Intelliplus hits loss, to raise 1.5m cash
- Dec 31, 2001
The results were sweetened, however, by the announcement that the company has received conditional commitments for over 1.5m in a share placement, which will shore up its finances and allow it to complete the acquisition of the telecoms infrastructure business Medius Networks ltd.
Turnover for the six months ended 30 September 2001 was 3.1m, down from 6.0m for the same period of the previous year, with an operating loss of 0.9m recorded, compared with a profit the previous year of 0.6m.
At the end of the period, the company had net current liabilities of 0.5m, with net assets of 20.0m
The poor results come as a blow to the business, which had pinned its hopes on the mobile services sector through a number of acquisitions. In June this year, Intelliplus bolstered its offering with the acquisition of m-commerce company Airserve for an undisclosed sum. The deal saw Intelliplus inherit mobile solutions for businesses including a GPRS gateway, an SMS platform, wireless portals, and trademarked software and applications, which were expected to boost revenues.
Shares in the company were unchanged at 2.5p this morning, valuing it at 11.1m