Affinity narrows losses
Shares in Affinity Internet were up almost 8 per cent by lunchtime after the UK internet company announced increased revenue and lower losses.
Publishing the numbers for the nine months to the end of September Affinity reported that turnover had jumped to £57.18m, up from £30.23m during the same period last year.
It also reported that it had halved its pre-tax loss from £17.49m to £8.6m over the same period this year.
Part of this improvement is down to a cost-cutting exercise in which around 20 jobs were lost at the company during the last quarter as it streamlined its operation.
Although the company plans to continue to cut costs it's unlikely that this additional trimming will result in further job losses.
Looking ahead Affinity says it is "confident" that it will achieve breakeven at the EBITDA (earnings before interest etc) level for the first time during the fourth quarter.
At lunch shares in Affinity were up 4p (8.8 per cent) at 49.5p. ®