365 reports £3.4m loss

365 Corporation has announced a £3.4m operating loss for the three months up to the end of June.

This compares with a £2.9m loss over the previous quarter. However, revenues increased 117 per cent to £10m while gross profits rose 97 per cent to £4m year-on-year. Total users numbered 2.1 million. The company has also just acquired the whole of the issue share capital of the technical services and telecoms arms of Compass Communications.

The three-month period saw the company notch up 540,000 users for its Euro 2000 site. A number of acquisitions and partnerships have boosted its telecoms and internet services for small businesses, and the company intends to seek further small-scale acquisitions in this area.

"Our business division continues to expand as we broaden our range of communication services to the SME sector and extend our distribution capabilities," said Dan Thompson, chief executive at 365 Corporation. "Examples of our expansion are the recent launch of our Business365 web site and the direct mobile contracts we have signed with Vodafone and BT Cellnet."

Since June, the company has launched four new sites: Business365, My365, Gay365 and Formula 1 in French.



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