News blog
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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