Egg loses cash
Anyone thought of looking in the sock drawer for it? Could be in there
British Internet-cum-telephone bank, Egg, reported an increase loss, before tax, for the nine months to September 30 of £115.1 million - up 7 per cent compared to last year (£108 million).
The bank's loss before tax for the three months to 30 September 2000 was £34.4 million - down a smidgen from the £38.2 million reported last year.
Despite losing even more money, Egg remains bullish and claims it's on course to deliver profitability. It claims more than 120,000 new customers have signed up during Q3 bringing the total number of customers to 1.2 million. And this month it launched a £3 million brand advertising campaign to attract even more punters.
Mike Harris, CE of Egg said: "Our results this quarter reinforce our belief that the UK businesses will break-through into profit during the fourth quarter of 2001."
Digimedia outfit, 365 Corporation plc, is to receive a sponsorship payment and a fixed-fee from Sportingbet.com (Alderney) Ltd for every user clicking through from its association football site, Football365, and placing a bet on Sportingbet.com. In return, Sportingbet.com gets access to followers of association football around the world in the run up to and including the 2002 FIFA World Cup in Japan and South Korea, the companies said today.
AIM listed e-quisitor plc it has agreed a funding facility with Barclays Acquisition Finance of £25million on a six-year term. A £2million working capital facility has also been agreed. e-quisitor intends to use a combination of cash and debt to fund acquisitions and build a group of information-oriented businesses. ®
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