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Infoserve Group

  • BY: Andrew Hore |
  • POSTED: 15/12/2008 |

Infoserve Group cut its loss in the six months to September 2008 and it is close to break even on a month by month basis.

The online local search marketing business has cut costs without hurting its operations.

Revenues grew 18% to £2.65m, while the loss was slashed from £1.95m to £599,000.

Group net debt is £3.23m. Non-executive director David Hood has lent £2.66m to the main subsidiary. Hood has agreed that he will not ask for repayment until the business is cash positive or its ownership changes.

Growth has been held back by the lack of sales personnel. Infoserve wants to recruit up to 70 more sales executives by mid-2009. Not all sales executives that are employed prove suitable for the job. It is unlikely that most of the new sales executives will be successful. Productivity per sales executive is improving, though.

The shares rose 2p to 24.5p each, which values Infoserve at £4.67m.

October was a record month although trading in November was not as strong.

Bid talks are continuing. 

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