Online local search marketing business Infoserve Group is breaking even at the EBITDA level.
There are small cash inflows from trading but the company remains short of cash. This is holding back the growth of the business. Infoserve has tried to raise cash but has not been successful. It is talking with its major shareholder David Hood about the provision of finance that will enable Infoserve to continue to grow. .
Net debt was £3.41m at the end of March 2009. At 8p a share, down 2p on the day, Infoserve is valued at £1.53m.
Revenues grew from £2.59m to £3.06m in the six months to September 2009. Gross profits have increased by two-fifths to £1.11m. Trading in October has been at similar level to September – were revenues were £547,000.
The interim figures will be published in December.
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