News blog

In-Deed Online

• BY: Andrew Hore |
• POSTED: 23/05/2013 |

Online conveyancing services provider In-Deed Online says that trading remains challenging.

The share price has fallen by one-fifth to 12p. In-Deed, which was founded by former Rightmove boss Harry Hill and former 3i executive Peter Gordon in 2010, raised £1.58m at 42p a share, which valued the company at £8.57m.

The core online business is growing but it still losing money. Conveyancing business Runnett & Co was acquired one year ago and it is also losing money, although there has been some improvement in trading during May because of the better weather.

There was £2.2m in the bank at the end of September 2012 and that had fallen to £1.29m at the end of April 2013. Directors’ salaries are being reduced.

The board is reviewing the options for the business but this is not expected to lead to a sale of the business.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2013_44.pdf