NetStore delighted with £5m loss
And other flatulence from the bubble economy
ASP e-outfit NetStore has reported an operating loss of £5 million in its maiden preliminary results for the year. Turnover was £1.4 million - up from £800,000 on the previous year - with outstanding contract revenues reportedly at £4.8 million.
NetStore CEO Gary Smith said he was delighted that the company was "continuing to perform strongly and is meeting or exceeding all the targets we set at our IPO".
NetStore is the first ASP to list in Europe.
3i and cable TV group Telewest have invested £10.2 million in b2b e-procurement firm GroupTrade. This values the company at around £50 million. This was the second round of funding. First round backers include LMS Capital and GE Equity and eVestment. The company negotiates bulk discounts on office supplies for small businesses.
Interactive TV developer e-district expects its turnover for the six months to 30 June to be £1.2 million. This is gross of commission so it will report sales of £1 million. It states it has an average compound monthly growth rate for the six months of 28 per cent. E-district owns entertainment channel LeisureDistrict.net.
B2B.com has grabbed Alison Hutchinson, IBM's global director of online financial services, as its new chief exec. B2B is the ecommerce joint venture set up by Barclays, Anderson Consulting and Oracle. ®
For more dotcom dealings read our Cash Register