Market waiting for second leg result from InterClubNet

Interim results for the six months to 30 November 2000 show the company achieving a turnover of just under 0.5m, although the company points out that this does not include all revenues generated from the subscriptions it has signed up since its accounting system only included revenues in the six months to 30 November 2000 if systems had been installed by 1 June 2000. The company, however, says that these revenues will be reported in its next interims due at the end of May.

With cost of sales at 163,000, the company even managed a small gross profit of 305,000, but administrative expenses of 1.2m resulted in an operating loss of just under 1m.

Including capital expenditure of 451,000, cash outflow over the six months was 1.45m and the company at the end of November still had just under 4m, having raised 4.1m through its AIM float in August.

Apart form trying to recruit more clubs to its communications and specialist football information service, InterClubNet is also busy developing its own system which it believes will be more cost effective than the one it uses at present, and for which it has acquired the rights from realTech AG on an exclusive basis for 300,000 payable in instalments from December 2000 through to May 2001. The new system will allow the company to sell to clubs “en-block” through football associations and football governing bodies, which will also enable the company to build up what it claims will be “one of the most advanced secure communication technologies available, but also the world's largest football information database”.

The reaction of the markets to the results was muted with InterClubNet's share price down just 1% to 113.5p on no trading volume.