Losses triple at Net finance site
And other online cash trash
Losses have almost tripled at Interactive International Investor. The site provides online financial information and services, has 1.1 million registered account holders, but they're mainly checking out the free stuff.
In the past 12 months it ran up losses of £17.4 million compared with £6.3 million a year earlier. Sales for the three months to 30 September were £1.52 million, down from £1.78 million in the previous quarter. Half the revenues came from advertising.
The company is pinning its hopes on making its money from developing online share trading platforms.
Better news for Canadian-owned online brokerage TD Waterhouse. It calls itself Britain's biggest broker and posted a 116 per cent leap in profits to £147 million.
Misys is stopping using its Screentrade online insurance brand and replacing it with a new Internet identity, Theformula.com. This will all happen early next year.
Misys said Screentrade had made money but its technology is now outdated.
Scottish and Southern Energy has launched an online service to allow companies to outsource employee benefits responsibilities - basically it provides the technology to offer and manage staff pensions. This all follows on from the introduction of the government's stakeholder pension policy.
The service is called Simple2 and has had £10m invested in it. ®
For more fannying about on dotcom financial matters visit Cash Register.
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