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cScape Group

  • BY: Andrew Hore |
  • POSTED: 24/12/2010 |

Internet services and hosting provider cScape Group has completed its 10-for-one share consolidation and a placing raising 230,000 net at 70p a share.

The former Netb2b2 wants to be in a position to take advantage of an economic upturn. A capital reconstruction was needed in order to go ahead with the latest cash raising because the equivalent pre-consolidation price would have been below the previous par value.

Revenues fell from 5.14m to 4.73m in the year to June 2010. These are continuing revenues and they do not include the pre-press activities that were sold during the year. Cost cutting offset some of the fall in revenues. The loss on continuing activities rose from 168,000 to 226,000 including exceptional charges of 70,000 relating to the internet services division.

Net cash was 61,000 at the end of June 2010. There is also a 60,000 asset available for sale. cScape is trading profitably and it expects to generate cash this year. 

At 75p a share, cScape is valued at 1.12m.

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