30th Sep 2013 09:08
LONDON (Alliance News) - Daily Internet PLC, a web hosting and domain-name registry company, saw increases in revenue and widened pretax losses as it bolstered investment in staff, marketing and infrastructure during the year ended March 31.
The company posted full-year revenues of GBP1.6 million, up from GBP1.5 million in the previous year. Administrative expenses nearly doubled to GBP1.6 million from GBP963,000. As a result, pretax losses were GBP900,000, widened from GBP270,000.
Administrative expenses increased as the company bolstered its marketing and staff costs, adding personnel to its sales, marketing and customer service departments. The company also invested GBP242,000 in its infrastructure.
Daily Internet was admitted to AIM in January, which added costs of GBP234,000. Two fund-raisings during the year garnered GBP1.1 million that the company used to fund its AIM admission and the completion of the second phase of its development strategy.
The company said that its progress had been in-line with its goals as it continues to develop its existing product base and introduce new products.
"The group had made steady progress during the financial year under review and the Daily brand continues to be well regarded in the marketplace as demonstrated by continued organic growth against a backdrop of a flat UK economy," said Chairman Michael Edelson in a statement.
Shares in Daily Internet were trading down 3.8% at 3.85 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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