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Mon, 05 Jun 2000, 6:35pm EDT
365 Corp. 4th-Qtr Loss Widens to 5 Mln Pounds (Update1)
By Roger Baird
London, May 31 (Bloomberg) -- 365 Corporation Plc said its fourth-quarter loss widened as the U.K operator of Web sites and telephone services made acquisitions to offer more services across its business and consumer divisions.
The company's loss for the quarter ended March 31 widened to 5 million pounds ($7.5 million), or 2.6 pence per share, from 555,000 pounds, or 0.5 pence per share, a year earlier.
365 will continue to ``pursue our expansion plans,'' Chief Executive Dan Thompson said. The three-year-old company sold shares at 160p in an initial public offering last December that raised 83.8 million pounds. The shares were recently up 1p at 92.5 after rising as much as 7.7 percent earlier.
``The recent correction of Internet stocks is a fantastic opportunity for a company that has cash,'' Thompson said. ``Companies that wanted to be bought for very high prices are now struggling for money because the IPO route is not available to them. We have enough funds to aggressively grow the business.''
In the last year, the company bought sports Web site Datanet Marketing Services Ltd. for 28 million pounds. It also acquired phone services company Teletalk Ltd. for 5 million pounds, the gardening Web site Oxalis for 225,000 pounds, and business phone services company Fenfones for 4.5 million pounds. All acquisitions were made with a mixture of shares and cash.
The company would develop fixed-odds betting, football pools, and other forms gambling on its Web sites as forms of revenue this year, Thompson said. This is in addition to the money the company makes from advertising, sponsorship, and subscriber fees from consumer and business customers.
Mon, 05 Jun 2000, 6:35pm EDT
365 Corp. 4th-Qtr Loss Widens to 5 Mln Pounds (Update1)
By Roger Baird
London, May 31 (Bloomberg) -- 365 Corporation Plc said its fourth-quarter loss widened as the U.K operator of Web sites and telephone services made acquisitions to offer more services across its business and consumer divisions.
The company's loss for the quarter ended March 31 widened to 5 million pounds ($7.5 million), or 2.6 pence per share, from 555,000 pounds, or 0.5 pence per share, a year earlier.
365 will continue to ``pursue our expansion plans,'' Chief Executive Dan Thompson said. The three-year-old company sold shares at 160p in an initial public offering last December that raised 83.8 million pounds. The shares were recently up 1p at 92.5 after rising as much as 7.7 percent earlier.
``The recent correction of Internet stocks is a fantastic opportunity for a company that has cash,'' Thompson said. ``Companies that wanted to be bought for very high prices are now struggling for money because the IPO route is not available to them. We have enough funds to aggressively grow the business.''
In the last year, the company bought sports Web site Datanet Marketing Services Ltd. for 28 million pounds. It also acquired phone services company Teletalk Ltd. for 5 million pounds, the gardening Web site Oxalis for 225,000 pounds, and business phone services company Fenfones for 4.5 million pounds. All acquisitions were made with a mixture of shares and cash.
The company would develop fixed-odds betting, football pools, and other forms gambling on its Web sites as forms of revenue this year, Thompson said. This is in addition to the money the company makes from advertising, sponsorship, and subscriber fees from consumer and business customers.