Netstore soars on not so bad news

Losses grow, CEO quits, but it could have been worse...

Shares in Netstore shot up 12.2 per cent this morning after the ASP posted an increase in full year losses and announced the departure of its CEO.

Shares were trading up at 13.75p by 10:30 BST, despite the news that losses for the year ending 30 June rose to £12.7m, up from £5m in the year ago period.

Netstore said the increased loss was better than anticipated. Revenue for the year also met expectations at £3.56m, up from £1.37m last year.

In a separate statement, Netstore announced that CEO Gary Smith has stood down. He will be replaced immediately by Netstore co- founder and chairman Paul Barry-Walsh.