Vitesse swings into the red
- Added:
- Sep 30, 2002
The company reported a pretax loss of £50,000 against last year's profit of £84,000, mainly due to increased administrative expenditure, though revenues grew by 17% to £895,000.
Vitesse said its portfolio of products geared up to the business community - such as smallbusiness.co.uk and Business XL - performed well, with sales improving by about a third. Meanwhile, sales of products aimed at retail investors were down 12%.
Accordingly, the company is to focus on providing information to the enterprise sector. A partnership with Microsoft bCentral will see the company's email newsletter - Business Go - and website smallbusiness.co.uk coupled with Microsoft's small business email newsletter, which is distributed to hotmail users, boosting Vitesse's marketing efforts.
It said smallbusiness.co.uk is currently attracting more than 5,000 new users every week and has today launched a small business events division, with a dedicated website - smallbusinessshow.co.uk - to develop a series of events over the next 18 months.
The company expects to be back in profit in the next fiscal year and said its cash reserves of £446,000 are "adequate for the needs of the business".
"www.smallbusiness.co.uk ":www.smallbusiness.co.uk
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