Investor site upbeat despite losses

Online personal finance company Interactive Investor International has reported an increase in users, and losses.

The company, whose share price is now less than two thirds of its February float price, said pre-tax losses for the six months to 31 March widened to £9.6m from £2.1m in the same period in 1999.

Sales increased by more than 150%, to £2.75m.

The company said the biggest increase in its revenue streams came from transaction-related revenues, which rose 268% to £795,000 from £261,000.

The company said the number of registered users increased by 141% to 939,441 since 31 December.

'Biggest will survive'

It also said it planned to launch services in France and Germany during the second half of 2000.

The fall in its share price - from a high of 415p on 10 March to 90p - mirrored falls in many other technology firms on both sides of the Atlantic during April.

But despite that fall chief executive Tomas Carruthers was upbeat about its prospects.

"Rewards in the internet industry go to the biggest players and we are the biggest in our field in terms of the size of our userbase and the level of activity through our site," he said.

The figures were in line with the company's expectations, he said, although levels of activity through the company's web site in April fell from the levels seen in March.

The firm, founded in 1995, has signed a series of agreements with high-profile technology firms in the last couple of months, including deals to provide content to BT's WAP mobile phones.

Shares in the company fell more than 10% to stand at 80.5p in early afternoon trading.