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Turnover up, membership churn down at Freeserve

ISP bucks trend of falling tech stocks

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Freeserve shares rose 16.25 p (3.32 per cent) in early trading this morning despite announcing losses of £3.6 million for Q2 -- £8.6 million for the half year ended 13 November. Q2 turnover hit £3.8 million, with average weekly turnover up 49 per cent compared to Q1. A little more than half of its income (£1.93 million) came from telephony-based revenue. Advertising and ecommerce made up the some £1.85 million. The market's apparent optimism for the ISP at a time when other technology stocks are taking a hammering will no doubt bring a smile to the face of the company's CEO John Pluthero. In a statement today he said: "I am pleased to present another strong set of results which reflects our position as both the leading Internet service provider and the leading portal in the UK. "We now have the most recognised Internet brand in the country and through our arrangements with BT Cellnet and others, we are building on this to ensure that Freeserve is available wherever the Internet can be accessed," he said. The company also said it had increased its number of accounts to 1.575 million active users, up 12 per cent n the previous quarter end. Average four-weekly churn has also dropped to 7.7 per cent, down from 9.5 per cent, suggesting that the ISP is hanging onto to its customers far better than before. ®

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