NetBenefit trebles sales
Freeserve to leave FTSE this week
NetBenefit has released its annual results, showing an increase in turnover of 282 per cent (£7.52 million from £1.97 million last year). It has also announced a loss of just £241,000 (profit of £254,000 last year), despite several large acquisitions this year, most notably its main competitor NetNames. The avoidance of a large debt burden stems from NetBenefit's decision to give itself £20 million worth of intangible fixed assets. NetBenefit floated on AIM in June 1999 and on the FTSE in January this year.
Freeserve is likely to be chucked out the FTSE 100 index this week. The Dixons-owned ISP has had a rocky time of it recently and has been surrounded by takeover/sale rumours. But while Freeserve looks as though it is going down, other IT stocks have been tipped to enter the elite 100, including Baltimore Technologies, Psion and Dimension Data Holdings.
Online financial news company FMIT is to float on Ofex. The float values it at £9 million, and FMIT hopes to raise £1.5 million. FMIT says its online
service - basically a database of IT vendors, news and job moves/promotions - will be paid for by financial directors subscribing in order to save on consultancy.
Printing.com - unsurprisingly, a printing company - has raised £1.9 million in a float on Ofex. It plans to use the money on expanding its service from eight cities in the UK to 45. According to the company, the offer was largely oversubscribed and it issued an extra 600,000 shares (originally, 8 million) to deal with demand.
The world's largest free IT training site (apparently) Freeskills.com has been sold by its two UK computer consultant owners for £2.3 million. The site was set up by the pair in their spare time, nine months ago, offers free online training courses for 220 software packages. It has been bought by US Net media company eFront. ®
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