The eXchange Holdings Plc has not yet started displaying the growth associated with listed internet companies, according to its interim results, published for the first time since its August flotation yesterday. Revenue grew just 6.8% to 8.7m pounds ($14.7m) in the six months to June 30. But the London-based company announced plans to broaden its service range and expand internationally through acquisition in order to increase growth.
Net income was down from a loss of 631,000 ($1m) to a loss of 2.7m pounds ($4.54), due to 2.6m pounds ($4.3m) in development expenses associated with building the staff headcount, growing brand awareness and product development. eXchange calls itself an e-infomediary and sells financial product information for comparative purposes to consumers and independent financial advisors. The company said it had invested 1m pound ($1.6m) in emfinance.com, a mortgage information portal it intends to launch at the end of October as a new revenue stream.
The London Stock Exchange-listed firm is also negotiating with companies in the UK and elsewhere in Europe for possible acquisitions and joint ventures. While declining to mention names, the company said it was looking primarily for UK buys, but would have its first international presence within the year.
