News blog
SocialGO
- BY: Andrew Hore |
- POSTED: 30/03/2011 |
Social networking services provider SocialGO is growing its revenues but it still has some way to go to reach profitability.
In the nine months to December 2010, revenues were £574,000 which is more than in the previous 12 months. The nine month loss was still £1.08m. There was a £522,000 cash outflow from operations and £331,000 of development spending was capitalised. Net cash was £26,000 at the end of 2010.
SocialGO raised £700,000 last year and a further £1.66m so far this year.
Version 2 of the SocialGO platform will be launched in the summer and this will widen the potential market and make it easier to set up social network sites.
At 2.98p a share, SocialGo is valued at £13.2m.
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