Internet software company Maid has turned in a pre-tax loss of u1.4 million on a turn-over of u4.5 million just a few weeks after it signed strategic alliances with IBM, hotel group Forte and Compuserve.
But directors of the company said the loss was in line with their expections and reflected expansion of the business. Turnover had grown by 59 per cent, compared with the same quarter last year.
At the same time the board of directors announced it had appointed Marmaduke Hussey, ex-chairman of the BBC, to be a non-executive director.
Maid's strategy, said the board, is to increase its direct routes to market as well as expanding distribution by forging alliances with major players.
Earlier this year, Maid took a share in Easynet, costing it an estimated u2.13 million and ends its first quarter with u18 million cash in the bank.
Its unaudited cost of sales in the first quarter amounted to u1,662 million, compared with only u1,117 million in the same quarter last year, meaning it has to increase sales or cut staff to reduce the expense.
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