Moneyweb headline loss widens to R4.91 million

Moneyweb has reported a headline loss of R4.91m for the financial year ended June 30 2016 and the basic and diluted loss per share increased by 63% to 4.62 cents.

Moneyweb’s revenue as a whole has increased by 11% year-on-year to R28.304m (compared to R25.501m over the previous period), while expenses increased by 18% over the same period. This has led to an operating loss of R6.175m and the headline loss of R4.91m.

The operating loss reported for the first six months of the financial year was R3.541m and for the second six months it was R2.634m.

A report by executive chair Paul Jenkins describes it as “a year of ups and downs”.

“On the one hand there have been successes with new revenue streams in the areas of video content creation, events, subscription annuity income and increased radio airtime. On the other hand it has proven to be challenging to quickly convert new investments into profitable ventures and this had led to large cash outlays,” he said.

According to Jenkins although cash flows are under pressure with R8.883m being used to fund operational losses arising from a focus to diversify revenue stream investments, Moneyweb maintains a debt free position and has R16.169m in liquid resources. The net asset value of the group at financial year-end was 16.46c per share.

No dividend has been declared.

On Monday, Moneyweb shares traded at 25 cents a piece.

Fin24

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Moneyweb headline loss widens to R4.91 million