24 September 2013 – interim results
Interim results for the six months to 30 June include the casual dating businesses which were disposed of after the period end and these show an increase in revenues of over 12% to £43.4m. The continuing businesses saw revenues increase by 32% to £16.5m although an increase in costs led to an adjusted pre-tax loss of over £800k. Net cash at the end of the period was £12.7m and this will be increased significantly following the sale of the non-core businesses after the period end for £45.1m. However, with most of the proceeds being received in monthly instalments this is not as good as it first appears. The group still has work to do to re-organise itself to get back to profit next year. We reduce our recommendation to HOLD.