Feeds

Infobank: losses up, board member out

Still loads of money in the bank though

  • alert
  • submit to reddit

Maximizing your infrastructure through virtualization

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. ®

The Power of One Infographic

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
US freemium mobile network eyes up Europe
FreedomPop touts 'free' calls, texts and data
prev story

Whitepapers

Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.