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NetServices

  • BY: Andrew Hore |
  • POSTED: 18/11/2008 |

Converged voice and data services provider NetServices moved into profit in the year to August 2008.

The disposal of the consumer broadband business and the concentration on servicing small businesses improved margins. Revenues slipped from £7.44m to £7.15m while a loss of £402,000 has been turned into a profit of £49,000. That was after £117,000 capitalised development expenditure - £72,000 net of amortisation.

There was a cash outflow from operations. NetServices still has net cash of £595,000.

Paul Foley has replaced Phil Wedgwood as sales director.

The shares were unchanged at 6.5p each, which values NetServices at £1.92m.

NetServices believes that it can continue to make progress, particularly with its new relationship with Cisco, but it is aware of the uncertain economic climate. It is taking longer to secure orders. 

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