InterX Plc, the UK-based distributor of storage products, is to engage in a major cost-cutting reorganization after a sharp decline in profitability. The company’s shares fell 41.9% Thursday to 252.5 pence after the company, formerly known as Ideal Hardware, said the cutbacks will result in a one-time charge of 700,000 pounds ($1.1m) this year. The company is pinning its hopes on IT Network, a recently-created web site that will enable users to compare various hardware and software products on the market. Income will come from advertising. Start-up costs are expected to be 3.2m pounds ($5.1m) and the business is expected to break even in its second year of operation.
