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NetServices

  • BY: Andrew Hore |
  • POSTED: 12/05/2009 |

Converged voice and data services provider NetServices fell into loss in the first half.

Shares in NetServices slumped 2.25p to 3.625p each, which values the company at £1.07m.

Revenues fell from £3.68m to £3.19m in the six months to February 2009 and a small profit in the first half of last year was turned into a loss of £419,000. Nearly all of that loss was due to write downs and restructuring costs.

The decline in revenues was due to the loss of a contract and reductions in other non-core revenues. This means that a greater proportion of the remaining revenues are from the core converged networks business. A £300,000 contract has already been won in the second half.

There is cash in the bank of £810,000, offset by financial liabilities of £557,000. The cash position has declined during the period but there is still enough cash in the bank for the medium-term.

NetServices has gained accreditation under the Cisco MSCP programme. This gives it access to a large number of resellers. The rest of this year will be used by management to put the business in the best position to make the most of the new accreditation.

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