Feeds

Infobank: losses up, board member out

Still loads of money in the bank though

  • alert
  • submit to reddit

Remote control for virtualized desktops

Loss-making e-commerce software company Infobank has made even greater losses this year, but thanks to another round of fundraising still has over £90 million in the bank.

The company lost £36 million for 2000, as opposed to £10.8 million last year. Gross profit down as well from 2.3 million from £4.6 million last year. This on a huge reduction in turnover of £2.7 million, compared to £46.1 million. Eh? Yes folks, it's all to do with accounting practices. The company isn't exactly forthcoming about where the huge discrepancy comes in.

"Discontinued operations" is it. And a staggering £52.4 million in "administration expenses". Que? Sales and marketing (£18.4 million), product development (£7.9 million), general and administration (£6.9 million), goodwill (£6.4 million) and employee share-based compensation (12.9 million).

Infobank is basically playing a profit waiting game while it expands the market for its core InTrade software. It's aiming at big companies that want private exchanges and it seems to be doing fairly well at it - it's now got 40 customers from 7 last year and revenue is well up.

What about the money situation? It got £130 million from people that obviously thought they could see a good thing. £93.2 million of this is left in the bank. And Infobank gives itself a generous £26.5 million value on intangible assets. What solid news can we learn? Not much. Oh, loss per share up from 35.77p to 65.84p.

On top of this, there is a bit of a board reshuffle. Out goes COO Jim Conning to "pursue other activities". CEO Graham Sadd is bumped up to president and Anthony 'Call Me Tony' Stepanski brought in to fill his boots.

Tony Stepanski said: "The opportunity exists for me to help take Infobank to a leadership position in the rapidly expanding field..." blah, blah, blah. ®

Internet Security Threat Report 2014

More from The Register

next story
MI6 oversight report on Lee Rigby murder: US web giants offer 'safe haven for TERRORISM'
PM urged to 'prioritise issue' after Facebook hindsight find
Assange™ slumps back on Ecuador's sofa after detention appeal binned
Swedish court rules there's 'great risk' WikiLeaker will dodge prosecution
NSA mass spying reform KILLED by US Senators
Democrats needed just TWO more votes to keep alive bill reining in some surveillance
'Internet Freedom Panel' to keep web overlord ICANN out of Russian hands – new proposal
Come back with our internet! cries Republican drawing up bill
prev story

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Driving business with continuous operational intelligence
Introducing an innovative approach offered by ExtraHop for producing continuous operational intelligence.
10 threats to successful enterprise endpoint backup
10 threats to a successful backup including issues with BYOD, slow backups and ineffective security.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?