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E-business consultancy InterX dished out more bad news today after it announced that turnover fell during Q2 while losses stacked up even higher.

This comes on top of news that the company cut a quarter of its workforce as part of a strategic review and the swift departure of Philip Crawford as CEO.

Today's Q2 results show an increased operating loss of £7.7 million - up from £5.4 million in Q1.

At the same time turnover was down a smidge at £1.9million from £2 million in Q1.

InterX blames the poor results on the "significant reduction in the level of investment by companies in new e-business projects."

The company said it also failed to conclude any of its major sales prospects during Q2.

Said CE Simon Barker: "These results show why, in the last three weeks, the board has taken the actions that it has.

"The fundamentals of the business remain strong - we have the technology, the resources and the people to deliver a strategy that will return growth and profitability in the medium and long term," he said.

Shares in InterX fell sharply in early trading down 29p (19.66 per cent) to 118.5p. ®

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